Video Transcriptright. So the question says how cells too customer who pays by using a credit card or Visa card will be recorded. So sells to customers who pay by bank credit cards such as Mastercard or Visa cards are usually recorded by the following steps or means one you have to first debit the credit card expenses that is the the fee or the charge by the service provider. Then the next thing you have to do is to debate your your your cash accounts with the amount of Miranda you have realized from the source which is normally or always the difference between the the expenses and then the amount of of sales. Then the last thing to do is to credit your sales account. So let's look at the following example. So let's assume you have a sales to a customer Worth $200. And the customer pay using visa card that has a 2% card fee. And the following will be there. The records, the records will be one. You have to debit credit card with 2%. In this case if you do the mathematics it will be $4 because the 2% of the $200 is $4. Then you also have to debit your cash account which is the amount that you have realized out of the sails is the difference between the Credit card expenses and then the the sales which is um $194 in this scenario. And then the last record to do is to record or two get credit, your sales account With $200. This is the sales that you are made. You credit with your your into your sales account with the amounts that the sales is worth. Thank you. Show Recommended textbooks for you  FINANCIAL ACCOUNTING ISBN:9781259964947 Author:Libby Publisher:MCG Accounting ISBN:9781337272094 Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E. Publisher:Cengage Learning, Accounting Information Systems ISBN:9781337619202 Author:Hall, James A. Publisher:Cengage Learning, Horngren's Cost Accounting: A Managerial Emphasis... ISBN:9780134475585 Author:Srikant M. Datar, Madhav V. Rajan Publisher:PEARSON Intermediate Accounting ISBN:9781259722660 Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas Publisher:McGraw-Hill Education Financial and Managerial Accounting ISBN:9781259726705 Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles Publisher:McGraw-Hill Education FINANCIAL ACCOUNTING ISBN:9781259964947 Author:Libby Publisher:MCG Accounting ISBN:9781337272094 Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E. Publisher:Cengage Learning, Accounting Information Systems ISBN:9781337619202 Author:Hall, James A. Publisher:Cengage Learning, Horngren's Cost Accounting: A Managerial Emphasis... ISBN:9780134475585 Author:Srikant M. Datar, Madhav V. Rajan Publisher:PEARSON Intermediate Accounting ISBN:9781259722660 Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas Publisher:McGraw-Hill Education Financial and Managerial Accounting ISBN:9781259726705 Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles Publisher:McGraw-Hill Education How are sales to customers using credit cards recorded?In your journal entry, you must: Debit your Cash account in the amount of your Sale – Fees. Debit your Credit Card Expense account the amount of your fees. Credit your Sales account the total amount of the sale.
How are sales to customer using MasterCard and VISA recorded?How are sales to customers using MasterCard and VISA recorded? Sales to customers who use MasterCard or VISA cards are recorded as cash sales.
Are credit card sales recorded as cash?Cash flow only involves actual payment, not promises, so credit sales are never considered.
Are credit card sales cash or accounts receivable?Credit sales are payments that are not made until several days or weeks after a product has been delivered. Short-term credit arrangements appear on a firm's balance sheet as accounts receivable and differ from payments made immediately in cash.
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Sales to customers using bank credit cards, such as visa or mastercard, are recorded as:
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