Part 1 (9 points): Answer the following questions: 1. What is a cash receipt? A cash receipt is a paper document that shows proof of a cash transaction. How do businesses record the receipt of cash? The cash receipt journal is used to record all cash receipts. 2. Explain how a purchase made with a store credit card is different from a purchase made with a bank credit card. Store credit cards usually have higher interest rates than a normal credit card. Meaning you would have to pay back a higher percentage than what you really bought. 3. How are a bank credit card and a bank debit card similar? Bank debit and credit cards are alike in the fact that they are both computerized ways to spend money. How are they different? They are different in the fact that a credit card is borrowing money from the bank, which you have to pay back, while a debit card takes money directly out of
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- Fall '19