Question 1

The sales normal balance is:

Accepted Answer

Credit

Answer

Debit

Question 2

The credit card expense had to be in credit in the general journal

Accepted Answer

False

Answer

True

Question 3

A company sold goods for a customer for BD 1,000. The customer use a Diner club card with 3% interest.
The journal entry will be:

Accepted Answer

Dr. Cash 970 & Credit Card Expense 30; Cr. Sales 1,000

Answer

Dr. Cash 1,000 & Credit Card Expense 30; Cr. Sales 1,030

Answer

Dr. Cash 1000; Cr. Credit Card Expense 30 & Sales 970

Answer

Dr. Account Receivable 970 & Credit Card Expense 30; Cr. Sales 1,000

Question 4

The sales from the use of national credit card (Visa & Master Card) sales as

Accepted Answer

Cash sales

Answer

Debit Sales

Answer

On Account Sales

Answer

Credit Sales

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