Strom Inc. provided interior design services for $170,000 to customers using debit cards. Assume the bank charges 0.5% for all debit card transactions. Which of the following is correct? Multiple Choice Strom Inc. would have Debit Card expenses in the amount of $850 and Service Revenue of $169,150 Strom Inc. would have Debit Card expenses in the amount of $850 and Service Revenue of $170,000 Strom Inc. would have an increase in Cash of $169,150 and Service Revenue of $169,150 Strom Inc. would have an increase in Cash of $170,000 and Service Revenue of $169,150 None of the choices are correct
Strom Inc. provided interior design services for $170,000 to customers using debit cards. Assume the bank charges 0.5% for all debit card transactions. Which of the following is correct? Multiple Choice Strom Inc. would have Debit Card expenses in the amount of $850 and Service Revenue of $169,150 Strom Inc. would have Debit Card expenses in the amount of $850 and Service Revenue of $170,000 Strom Inc. would have an increase in Cash of $169,150 and Service Revenue of $169,150 Strom Inc. would have an increase in Cash of $170,000 and Service Revenue of $169,150 None of the choices are correct
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Strom Inc. provided interior design services for $170,000 to customers using debit cards. Assume the bank charges 0.5% for all debit card transactions. Which of the following is correct? Multiple Choice
Strom Inc. would have Debit Card expenses in the amount of $850 and Service Revenue of $169,150
Strom Inc. would have Debit Card expenses in the amount of $850 and Service Revenue of $170,000
Strom Inc. would have an increase in Cash of $169,150 and Service Revenue of $169,150
Strom Inc. would have an increase in Cash of $170,000 and Service Revenue of $169,150
None of the choices are correct
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