Which of the following statements concerning the accounting treatment of bank issued credit card sales is correct?
A) The business does not retain a copy of the transaction slip.
B) The sale is recorded like a credit sale in the books of the seller.
C) The treatment of bank issued credit card sales is the same as the treatment of non-bank issued credit card sales.
D) A 'merchant fee' for the month's sales is debited to the firm's bank statement at month-end.
Correct Answer:
Verified
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