i got this ? wrong on a quiz and i dont know why. any help would be appreciated
Accounts receivable $13,000
Credit Card Company charges for collection($13,000*21%) $2,730
$2,730 is the difference between Cash A/C and Accounts Receivable and both are asset accounts.
Charges of credit card company will increase expense, decrease net profit and ultimately decrease equity.
B.decrease assets and equity by $2,730.
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