Response to the following questions:
1. How does the accounting for sales to customers using bank credit cards, such as MasterCard and VISA, differ from accounting for sales to customers using nonbank credit cards, such as American Express? Explain.
2. At some Texaco, Chevron, or Conoco gasoline stations, the cash price per gallon is 3 or 4 cents less than the credit price per gallon. As a result, many customers pay cash rather than use their credit cards. Why would a gasoline station owner establish such a policy?