AccountingSalesAndCashReceipts.docx - Assignment Part 1(9 points Answer the following questions 1 What is a cash receipt How do businesses record the

AccountingSalesAndCashReceipts.docx - Assignment Part 1(9...

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Assignment Part 1 (9 points): Answer the following questions: 1. What is a cash receipt? How do businesses record the receipt of cash? A cash receipt is a transaction in which a business will receive money. The businesses record receipt of cash by debiting Cash account and crediting the other accounts affected. 2. Explain how a purchase made with a store credit card is different from a purchase made with a bank credit card. Store credit card can be used only for purchases on that particular store, while the bank credit card can be used to any stores for purchases. 3.How are a bank credit card and a bank debit card similar? How are they different? Gener al Credit Sale s Cred it Sales Tax Payab le Credit Account Receivab le Credit
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