Textbooks.com accepts VISA for payments of purchases made by students.The credit card drafts are deposited directly in a bank account.VISA charges a 2% collection fee.Credit card drafts totaling $12,000 are deposited during September.The effect of recording the sales and deposits will include an
A)increase in Cash for $12,000.
B)increase to Sales for $11,760.
C)increase to Accounts Receivable for $11,760.
D)increase in Collection Fee Expense for $240.

Question

Quizplus · Accepted Answer

The Answer of Textbooks.com accepts VISA for payments of purchases made by students.The credit card drafts are deposited directly in a bank account.VISA charges a 2% collection fee.Credit card drafts totaling $12,000 are deposited during September.The effect of recording the sales and deposits will include an
A)increase in Cash for $12,000.
B)increase to Sales for $11,760.
C)increase to Accounts Receivable for $11,760.
D)increase in Collection Fee Expense for $240.

TextbooksCom Accepts VISA for Payments of Purchases Made by Students