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The Credit Card Discount Rate is revenue for the CC Processing company, and an expense for the merchant who submits the credit card. It's nothing to the CC holder. So you use your cc to buy socks online from socksonline.biz. Socksonline.biz uses 10th National Bank to process the transaction. The Discount Rate is paid by socksonline.biz to the 10th National Bank. Therfore, it is revenue for the 10th National Bank and an expense for socksonline.biz.
What else can I help you with?
Is discount received a revenue?
credit.Yes it is an income. It will be posted in the credit side of the profit and loss account.Sales discount is not an expense account, but is also a deduction to an income statement. It is just a contra account of a revenue account particularly a sales revenue account.
What is the sale of merchandise by a company on its own credit card that may result in a debit to service charge expense?
credit to interest revenue
Does an expense normally have a credit or debit balance?
Expenses maintain a debit balance. They are opposite accounts to Revenue which maintains a credit balance. Gross Income (Gross Revenue) - Expenses = Net Income
What is the journal entry for warranty expense charged against the revenue?
Debit Warranty Expense Credit Warranty Liability
Journal entry for Credit sales with Discount?
Debtors a/c Dr. Discount expense a/c Dr. To Sales a/c
Is discount received a revenue?
credit.Yes it is an income. It will be posted in the credit side of the profit and loss account.Sales discount is not an expense account, but is also a deduction to an income statement. It is just a contra account of a revenue account particularly a sales revenue account.
Is expense debit or credit?
If revenue (income of money) is a credit, then an expense (outflow of money) is a debit.
Who can apply for merchant credit cards?
To apply for a merchant credit card you must be a merchant. You can apply online as long as you comply with all the rules. Becoming a merchant enables you to process credit cards online with a merchant discount.
Is utilities expensive debit or credit?
If revenue (income of money) is a credit, then an expense (outflow of money) is a debit.
Are credit card discounts reported as operating expenses on an income statement?
a credit card discount would be a credit, not an expense.
What is the journal entry for credit sales with a discount?
Debit accounts receivableCredit sales revenue
What is the journal entry for credit sales with discount?
Debit accounts receivableCredit sales revenue
What is the sale of merchandise by a company on its own credit card that may result in a debit to service charge expense?
credit to interest revenue
Does an expense normally have a credit or debit balance?
Expenses maintain a debit balance. They are opposite accounts to Revenue which maintains a credit balance. Gross Income (Gross Revenue) - Expenses = Net Income
The accounts listed on the trial balance with a credit balance include?
owners capital. revenue and expense accounts
What is the journal entry for warranty expense charged against the revenue?
Debit Warranty Expense Credit Warranty Liability
Is rent expense is credit?
As all expenses has debit balance as normal balance and rent is also expense then rent expense also has debit balance and shown in income statement as a reduction from revenue.
