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on january 1, ABC company provided $20,000 of service. the customers paid for the service with a credit card. ABC submitted the credut card receipts to the credit card company on january5. the credit card company charged ABC a 10% service fee. on january 12, ABC received the cash from the credit cardcompany. on which day is cash debited and accounts receivable credited? a. january 12 b. january 5 c. january 1 d. none of these

on january 1, ABC company provided $20,000 of service. the customers paid for the service with a credit card. ABC submitted the credut card receipts to the credit card company on january5. the credit card company charged ABC a 10% service fee. on january 12, ABC received the cash from the credit cardcompany. on which day is cash debited and accounts receivable credited? a. january 12 b. january 5 c. january 1 d. none of these

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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on january 1, ABC company provided $20, 000 of service. the customers paid for the service with a credit card. ABC submitted the credut card receipts to the credit card company on january5. the credit card company charged ABC a 10% service fee. on january 12, ABC received the cash from the credit cardcompany. on which day is cash debited and accounts receivable credited? a. january 12 b. january 5 c. january 1 d. none of these
Transcribed Image Text:on january 1, ABC company provided $20, 000 of service. the customers paid for the service with a credit card. ABC submitted the credut card receipts to the credit card company on january5. the credit card company charged ABC a 10% service fee. on january 12, ABC received the cash from the credit cardcompany. on which day is cash debited and accounts receivable credited? a. january 12 b. january 5 c. january 1 d. none of these
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