Indicate whether each of the following statements is true or false.
_____ a) A benefit of making credit card sales is that there is no cost to the merchant.
_____ b) A benefit of accepting credit cards is that increased sales may be generated.
_____ c) Recording a credit card sale increases total assets and increases total equity.
_____ d) Recording the collection of cash from the credit card company increases cash and increases revenue.
_____ e) The income statement is not affected at the time the cash receipt is recorded.

Question

Quizplus · Accepted Answer

The Answer of Indicate whether each of the following statements is true or false.
_____ a) A benefit of making credit card sales is that there is no cost to the merchant.
_____ b) A benefit of accepting credit cards is that increased sales may be generated.
_____ c) Recording a credit card sale increases total assets and increases total equity.
_____ d) Recording the collection of cash from the credit card company increases cash and increases revenue.
_____ e) The income statement is not affected at the time the cash receipt is recorded.

Indicate Whether Each of the Following Statements Is True or False