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What is cash discount?
A discount given to the buyer if he/she pays in cash rather than credit
Is inventory write off a non cash expense?
It is non cash since you credit the inventory account rather than cash.
What is entry of credit and cash purchases?
Debit Purchases Credit Cash
What is the journal entry for a cash sell?
Debit Cash Credit Sales
Why customers buy on credit?
Customers buy on credit for a few reasons, the main one is that at the time of purchase they may not have the required cash for the purchase. Also, customers will buy on credit because it's easier than carrying cash, they can keep their cash on hand and make payments toward the purchase instead of being out the amount of cash at that time.
Are credit cards used primarily to obtain cash loans?
Not generally. Cash advances from credit cards are expensive, as they have the highest interest rates and per-transaction fees.
What is cash discount?
A discount given to the buyer if he/she pays in cash rather than credit
What is the cash advance APR for this credit card?
The cash advance APR for this credit card is the interest rate charged when you borrow cash using your credit card, typically higher than the regular purchase APR.
How do you send cash using a credit card without being charged for a cash advance?
Take all your friends out to an expensive resturant. Put it on your credit card (normal charge no cash advance fee). Then have everyone pay their portion of the bill to you in cash. I like to call it the meal ATM :-)
What is the definition of a cash advance on a credit card?
A cash advance is when you borrow cash against your credit card. When you borrow cash you will usually pay a much higher interest rate than you would for purchases.
What is the difference between a cash advance limit and a credit limit on a credit card?
A cash advance limit is the maximum amount of cash you can withdraw from your credit card, typically lower than the credit limit. The credit limit is the total amount you can spend on purchases using the card.
When do people use credit cards?
When that person physically doesn't have enough cash on them at the time of making a expensive purchase.
How is a cash advance on a credit card obtained?
Cash advance on a credit card is obtained by using the credit card in an ATM machine and taking more than the balance of your account. Then one goes into cash advance state, where one gets cash in advance.
What are the steps to take out a loan cash advance?
Taking out a cash advance on your credit card is risky, expensive, and carries the potential for debt if you don't quickly repay it. Knowing that before you swipe your credit card at the ATM may help you make better decisions about the way you use a credit card cash advance.
Is inventory write off a non cash expense?
It is non cash since you credit the inventory account rather than cash.
Why can't a customer get cash back if he receives a credit note?
A customer typically cannot get cash back when receiving a credit note because a credit note represents a form of store credit rather than actual cash. It is issued to account for returns or adjustments, allowing the customer to use the value toward future purchases rather than receiving a cash refund. This policy helps retailers manage their cash flow and inventory.
Would people get better deals at car dealerships if they paid cash for their car purchases instead of using credit?
You can negoitate a better rate if you use cash than credit. Dealers like cash.
