SalesCashReceipts.docx - Answer the following questions 1 What is a cash receipt How do businesses record the receipt of cash A cash receipt is a

SalesCashReceipts.docx - Answer the following questions 1...

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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 receives money. It is a receipt given when cash is received from the customer. The five types of cash receipts are cash sales, charge customer payments, bankcard sales, cash discount payment, and other receipts. They record the receipt of cash in a separate account. 2. Explain how a purchase made with a store credit card is different from a purchase made with a bank credit card. The store saves money on transaction fees when you use a store card rather than a general credit card. 3.How are a bank credit card and a bank debit card similar? How are they different?
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  • Spring '13
  • Mrs. McConnell
  • Payment, Credit card, cash sales, store credit card

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