On December 19, 2013, Target admitted that it was hit by an extensive theft of its customers’ credit-card and debit-card data over the Black Friday weekend. The theft was national in scope and happened in stores, not online.
Questions:
1. When and what happened with respect to a card breach at T.J. Maxx and Marshalls retail stores?
2. What information may the criminals now have from the Target breach?
3. What is the normal journal entry for recording a credit card sale? Assume a $50.00 sale, with a 7% sales tax and a three percent credit card bank fee.
4. What measures is Target taking currently regarding the breach and what agencies or groups are involved?
Source:
Hsu, T. (2013). Target says 40 million credit, debit card accounts may be breached. The Los Angeles Time, Dec.19 (Retrievable online at http://www.latimes.com/business/money/la-fi-mo-target-40-million-breach-20131219,0,1326731.story#ixzz2nwq8aown)