Asked by
Daija Lewis
on Dec 16, 2024Verified
Sales to customers who use bank credit cards, such as MasterCard and VISA, are generally treated as credit sales.
Bank Credit Cards
Financial instruments issued by banks that allow cardholders to borrow funds with which to pay for goods and services, subject to the agreement that the funds will be repaid.
Credit Sales
Transactions in which goods or services are provided to a customer with the agreement that payment will be made at a later date.
- Differentiate between credit sales and sales using bank credit cards.
Verified Answer
ET
Learning Objectives
- Differentiate between credit sales and sales using bank credit cards.