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The Complete Idiot's Guide® To Accounting by Lita Epstein, Shellie L. Moore

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Selling on Credit

Few stores can operate today without selling on credit. Although credit card sales receipts look much the same as cash receipts, the retailer does not net the same amount of cash when a customer uses a credit card. Retailers have to pay a certain percentage of their sales to the credit card companies. These percentages are negotiated with the bank at the time arrangements are made to accept credit cards. In addition, the store usually needs to pay certain start-up charges to accept credit cards, including costs for the machines to be used to read the cards and generate the sales receipts. These costs vary greatly depending on a store’s volume. Chapter 9 discusses the adjustments you need to make to sales to record credit card ...

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