Accounting 12, Chapter 12
Link: http://www.courant.com/news/local/columnists/hc-ubinas1005.artoct05,0,423379.column
Summary
Remember couple weeks ago the gas price was as high as 1.20-1.50. That's when people use as low of an amount of gas needed as possible. This article is about the Legislature in the States passing a bill in June, hoping that they'll help the people in the gas prices. This bill allows gas stations to offer a 10% discount to people who pay by cash. Some people are angry of how they thought they were going to get a discount for gas but only to find that it was offered to people who pay cash. People are blaming the gas station owners when the gas station owners are the ones that are pushed with fees by the oil company and credit card companies.
Connection
Cash discount--a deduction in the price of an item for sale allowed if payment is made within a stipulated period or earlier.
This is the connection between the article and chapter 12 of Accounting 12. It is stated in the article that if you were to pay 100% fully in cash when you purchase gas, you would immediately receive a 10% discount. This is a cash discount because unfortunately, if people were to pay by credit card, they will not get any discount. Although this is a bill passed by the legislature, I think the gas station owners would like this bill too. They could receive the cash right away without waiting for people to pay their credits and also their fees that they may need to pay for the credit company would be reduced.
Reflection
Although this sounds like a good idea to pay full cash when purchase, I think it is unfair to the credit card users. Society today uses enhanced technology so it is more common to bring a single plastic card instead of a bundle of cash. People can get robbed and lose their cash and never get it back while others can just cancel their credit card if it is lost or stolen. In other words, credit cards are more convenient. If the government would like to help people with the outrageous price of gas, maybe it would be more reasonable that their help would affect everyone, not just a group of people like the cash users.
Link: http://www.courant.com/news/local/columnists/hc-ubinas1005.artoct05,0,423379.column
Summary
Remember couple weeks ago the gas price was as high as 1.20-1.50. That's when people use as low of an amount of gas needed as possible. This article is about the Legislature in the States passing a bill in June, hoping that they'll help the people in the gas prices. This bill allows gas stations to offer a 10% discount to people who pay by cash. Some people are angry of how they thought they were going to get a discount for gas but only to find that it was offered to people who pay cash. People are blaming the gas station owners when the gas station owners are the ones that are pushed with fees by the oil company and credit card companies.
Connection
Cash discount--a deduction in the price of an item for sale allowed if payment is made within a stipulated period or earlier.
This is the connection between the article and chapter 12 of Accounting 12. It is stated in the article that if you were to pay 100% fully in cash when you purchase gas, you would immediately receive a 10% discount. This is a cash discount because unfortunately, if people were to pay by credit card, they will not get any discount. Although this is a bill passed by the legislature, I think the gas station owners would like this bill too. They could receive the cash right away without waiting for people to pay their credits and also their fees that they may need to pay for the credit company would be reduced.
Reflection
Although this sounds like a good idea to pay full cash when purchase, I think it is unfair to the credit card users. Society today uses enhanced technology so it is more common to bring a single plastic card instead of a bundle of cash. People can get robbed and lose their cash and never get it back while others can just cancel their credit card if it is lost or stolen. In other words, credit cards are more convenient. If the government would like to help people with the outrageous price of gas, maybe it would be more reasonable that their help would affect everyone, not just a group of people like the cash users.
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