Credit card and debit card sales: Businesses are able to attract more customers by accepting credit cards and debit cards because credit card offers customers the convenience of buying without instant payment and debit cards allow the customer to pay electronically. The business also benefits from these transactions as a business need not worry about customers’ credit ratings or collections of receivables. If S starts accepting debit cards and credit cards.

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Chapter 8, Problem 8.1CTDC

To determine

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Credit card and debit card sales: Businesses are able to attract more customers by accepting credit cards and debit cards because credit card offers customers the convenience of buying without instant payment and debit cards allow the customer to pay electronically. The business also benefits from these transactions as a business need not worry about customers’ credit ratings or collections of receivables.

If S starts accepting debit cards and credit cards.

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Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,920 in assets to launch the business. On December 31, the company's records show the following items and amounts. Cash Accounts receivable Office supplies Land Office equipment Accounts payable Owner investments $ 8,450 Cash withdrawals by owner 16,950 4,080 Rent expense Consulting revenue Salaries expense 18,860 Telephone expense Miscellaneous expenses 46,020 9,280 84,920 $ 2,930 16,950 4,420 7,900 860 680 Check my work Exercise 1-21 (Algo) Preparing a statement of cash flows LO P2 Also assume the following: a. The owner's initial investment consists of $38,900 cash and $46,020 in land. b. The company's $18,860 equipment purchase is paid in cash. c. Cash paid to employees is $2,700. The accounts payable balance of $9,280 consists of the $4,080 office supplies…