The use of a debit card is similar to:Select one:a. Using currencyOb. Paying with a checkc. Using a stored-value cardd. Paying with credit carde. None of the above

The main aim of the shops to earn profits from selling the products to the customers. The shops will…

Answered: The use of a debit card is similar to:…

The use of a debit card is similar to: Select one: O a. Using currency O b. Paying with a check O c. Using a stored-value card O d. Paying with credit card O e. None of the above

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter10: Cash Receipts And Cash Payments

Section: Chapter Questions

Problem 5QY

See similar textbooks

Related questions

Q: Which of the following statements, if any, is O Under the cash receipts method, income is not…

A: Accrual Method of Accounting: Under this method, transactions are recorded as and when they accrue,…

Q: When cash is drawn from bank for business use the entry type will be? Select one: a. Contra entry b.…

A: a. Contra Entry - These are the transactions that involves cash and bank account. b. Compound Entry…

Q: Sales to customers who use bank credit cards such as MasterCard and VISA are usually recorded by a…

A: Sales: It is an activity involved in selling goods or services.

Q: rder is an example of an adjusting difference. True or False Bank understates a deposit on the bank…

A: Adjusting differences are necessary in the account when there is mismatch between the debit and…

Q: When you are making a purchase, what does it mean when the cashier asks, "Debit or Credit?" O You…

A: When purchase is generally done it may be done by using the immediate payment which is cash payment…

Q: 3. Write the difference between debit cards and credit cards.

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: “Credit card” (with an outstanding balance) would be which type of account? a.Proprietary…

A: Introduction: Credit card is a source of short term financing which is unsecured in nature. As these…

Q: Which side of the account increases the cash account? Select one: a. Debit b. Credit c. Either debit…

A: Solution:- Introduction: - A debit is an entry recorded on the left side of an account. It either…

Q: Which of the following applications of the rules of debit and credit is true?

A: Debit and credit are the left and right sides of a T-account. Depending on the type of account, the…

Q: If a journal entry includes a debit or credit to the Cash account, it is most likely which of the…

A: Answer: If a journal entry includes a debit or credit to the Cash account, it is most likely an…

Q: Money spent from a debit card is money that is borrowed and must be paid back. O True O False

A: Money spent from debit card is the money owned by the customer and is in customers account only. i,…

Q: The entry to record collection of trade receivables under cash basis of accounting is A. debit to…

A: Under cash basis of accounting only cash transections are recorded such as cash collection, Cash…

Q: The main purpose of factoring accounts receivable is a. To invest accounts receivable in another…

A: Factoring is a financial transaction in which a company sells its receivable to a financial company…

Q: In sap, Which of the following outgoing payments will not require manual entry of bank account? a.…

A: A financial transaction is an agreement or communication between a buyer and a seller to exchange…

Q: What entry is required in the company's accounts to record outstanding checks? Select one: A. no…

A: Outstanding checks - Outstanding Checks are written but not received yet, not cleared, Cash has not…

Q: Which one of the following is considered as cash? a. Post Dated Cheques. b. Certified Cheques. c.…

A: Cash and cash equivalent is the part of current assets which are reported on the balance sheet of a…

Q: either the word "debit" or the word "credit." A. The Bank account normally has a B. A revenue…

A: Debits and credits seem to be the opposite aspects of an accounting journal entry. Whenever accrual…

Q: is the amount of money deposited into an account. a. Credit transaction b. Account holder c. Opening…

A: Note: Since you have asked multiple questions, we will solve the first question for you. If you want…

Q: Which one of the following is considered as cash? a. Credit card. b. None of these c. Certified…

A: Cash of the business means cash in hand and all other short term instruments or objects that can be…

Q: A cash book is used to record

A: A cash book contains all cash receipts and payments transactions in detail, including bank deposits…

Q: Which of the following describes one of the differences between a debit card and a prepaid card? O…

A: Debit Card It is a payment card issued by the bank that deducts money directly from the consumer's…

Q: A tear-off part of a check that has a simple explanation of the reasons for the payment is called:

A: The Check has Different Features which enables the User to utilize to its best use. The Tear Off…

Q: You pay your business phone bill paying cash. How would you record this transaction? * O Debit Bank,…

A: A business phone bill is an expense account. Expense accounts have a nominal debit balance. When the…

Q: What is the journal entry for recording credit sales? a. Cash Dr. and Sales Cr b. Sales Dr. and…

A: Journal entry for Recording credit sales: Accounts Receivable [Debit] Sales [ Credit]

Q: When recording credit card or debit card sales using the net method, Cash received equals sales.…

A: Recording credit card and debit card salesSome business accepts the credit card or debit card…

Q: bank statement is prepared Question 1 options: to know the payment made through cheques to…

A: A bank reconciliation statement is prepared by the management at a particular time period. It helps…

Q: Select the banking terms from drop down to match with the correct definition. Definitions…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: Which one of the following is true of a signature card? A. It is the same as a deposit…

A: Solution: A signature card is a document that a bank kept it with the signatures of all the…

Q: When recording credit card or debit card sales using the net method, a. cash received equals sales.…

A: When a client or customer pays the payment with credit card or debit card usually a card processing…

Q: ade using a MoneyPlus credit card.

A: Journal entry: Journal entry is the book of original entry where first transactions are recorded in…

Q: what is the entry for collection of receivable * O debit cash, credit accounts payable O debit cash,…

A: Account’s receivables can be defined as the payment which is yet to be received by the business in…

Q: From page 4-3 of the VLN, which statement is true regarding cash sales? O We always recognize the…

A: Cash refers to the monetary value and resource that is important for the company to operate. It is…

Q: In which of the following transaction, bank account will be debited? O a. Purchased goods on cash O…

A: SOLUTION- Cash Deposit In To Bank is Simply Transfer the Cash From Location to Another , The Asset…

Q: Every transaction recorded in the cash payments journal includes a a. credit to Cash. b. debit to…

A: In cash payments journal, transaction is to be recorded when there is a debit to cash i.e payment…

Q: business cash consist of many things. Identify which one of the following will be considered as…

A: Credit card is considered as a cash Equivalent....

Q: Distinguish among the following: (1) a general checkingaccount, (2) an imprest bank account, and (3)…

A: (1) A general checking account is the frequently used leading bank account of the companies, through…

Q: When a depositor can take out more than the amount of funds, he/she has within an account is known…

A: Solution:- Taking out more funds means withdrawing more funds than the actual balance in the bank…

Q: Transaction Outstanding check Interest income NFS check Wire transfer by customer Deposit in transit…

A: In accounting, journalizing is the process of recording all business transactions for your financial…

Q: A cash discount on purchases should be debited to ______________ Select one: A. a revenue account…

A: The answer is provided as follows:

Q: Answer the following question: It is an event where money moves into or out of an account. a.…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: Which of the following is a book reconciling item? a.notes receivable collected by the bank b.cash…

A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…

Question

The use of a debit card is similar to:
Select one:
a. Using currency
Ob. Paying with a check
c. Using a stored-value card
d. Paying with credit card
e. None of the above

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Briefly described the differences between a credit, charger , debit & smart card
Which of the following statements are true? Select the two correct answers. Responses A) credit cards are the same as debit cards B) store credit cards co-branded with visa, Mastercard, discover can be used anywhere that those cards are accepted C) bank issue credit cards and debit cards D) a credit card from a bank is linked to the user’s checking account E) you can never use a store credit card anywhere else
Aside from a checkbook, many checking accounts nowadays come with an ATM or debit card for withdrawals, point-of-sale (POS) transactions, and off-line payments. True False
When recording credit card or debit card sales using the net method, a. cash received equals sales. b. cash received equals sales minus the fee assessed by the card processing company. c. cash received equals sales plus the fee assessed by the card processing company. d. cash isn’t received by the seller until the customer pays his or her credit card statement.
how is credit check in advance technology is different from credit check in basic technology
Which of the following transactions will require a journal entry? Indicate if it will be a debit or a credit and to what account the entry will be recorded. Select "NA" if not applicable. Transaction No JournalEntryNeeded JournalEntryNeeded Debit Credit Outstanding check Interest income NFS check Wire transfer by customer Deposit in transit Bank charges
What are some benefits to a business in accepting credit cards and debit cards?
When recording credit card or debit card sales using the net method, Cash received equals sales. cash received equals sales minus the fee assessed by the card processing company. cash received equals sales plus the fee assessed by the card processing company. cash isn’t received by the seller until the customer pays his or her credit card statement.
Select the banking terms from drop down to match with the correct definition. Definitions Banking Terms a. A check that has been paid by the bank on behalf of the depositor. select a banking term Automated teller machine (ATM)Electronic funds transfer (EFT)MakerDepositorDebit memorandumPayeeBank statementPayerCredit memorandumDeposit slipCheckCanceled checkSignature cardEndorsement b. A disbursement system that uses wire, telephone, or computers to transfer cash balances from one location to another. select a banking term EndorsementBank statementDeposit slipDebit memorandumCheckDepositorElectronic funds transfer (EFT)PayeeSignature cardPayerCanceled checkCredit memorandumAutomated teller machine (ATM)Maker c. A document provided by the bank that requires the signature of all authorized signers of checks. select a banking term…
Which of the following is not an advantage of the cash receipts journal? a. Transactions do not have to be posted on a regular basis. b. Transactions can be recorded on one line. c. Transactions involving debits to Cash are recorded in one place. d. Repetition in posting is eliminated. e. Special columns can be used for similar transactions.
Match the following words with their definitions by entering the correct number in the spaces below. 1.deposit ticket 2.ATM 3.check 4.bank statement 5.blank endorsement _____ a.A document ordering a bank to pay cash from a depositors account. _____ b.An endorsement where the payee simply signs the back of the check, making the check payable to any bearer. _____ c.Automated teller machinea machine used by depositors to make withdrawals or deposits at any time. _____ d.A statement of account issued by a bank to each depositor once a month. _____ e.A form showing a detailed listing of items being deposited.
The main purpose of factoring accounts receivable is a. To invest accounts receivable in another business b. To meet immediate cash needs c. To create an additional guarantee of collection d. To establish a legal proof for future use