Credit Cards, so that they do not become a heavy burden (you can end up paying as much as 30% on interest & penalties), have to be managed just like any regular bank loan.
It is important to keep a proper mindset. Do not think of your credit cards as additional cash in your wallet. […]
When Purchases of goods / products for sale are undertaken on credit, the effect is an increase in Accounts / Trade Payable (a Liabilities Account).
In the Cash Flow Statement, these Purchases on credit are reflected in the Operating Activities Account as an increase.
Naturally, when the Purchases on credit are paid for, there is a corresponding […]
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