Sales to customers who use bank credit cards such as MasterCard and Visa are usually recorded by a

Question

Quizplus · Accepted Answer

Sales to customers who use bank credit cards such as MasterCard and Visa are typically recorded as a debit to Cash and a credit to Sales. This is because the retailer receives cash from the bank that issued the credit card, and the transaction is treated the same as a cash sale. Credit Card Expense is not recorded at the point of sale, but instead is recognized when the retailer pays the fees associated with accepting credit cards.

Sales to Customers Who Use Bank Credit Cards Such as MasterCard