Which of the following statements about the individual capital gains and losses is false?
A. Nondeductible capital losses are carried forward for deduction against future capital gains.
B. Short-term capital gains are taxed as ordinary income.
C. Capital losses are deductible only against capital gains.
D. Gain on sale of Section 1231 depreciable real property is taxed at a 25% maximum rate.
Answer: C
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MacKenzie Company sold $420 of merchandise to a customer who used a Regional Bank credit card. Regional Bank deducts a 5.0% service charge for sales on its credit cards. MacKenzie electronically remits the credit card sales receipts to the credit card company and receives payment immediately. The journal entry to record this sale transaction would be:
A. Debit Cash $399.00; debit Credit Card Expense $21.00 and credit Sales $420. B. Debit Cash $399.00 and credit Sales $399.00. C. Debit Cash of $420 and credit Accounts Receivable-Regional $420. D. Debit Accounts Receivable-Regional $399.00; debit Credit Card Expense $21.00 and credit Sales $420. E. Debit Cash of $420 and credit Sales $420.