Ruth Anne's Fabrics accepts cash, personal checks, and two credit cards when customers buy merchandise. With the Great American Bank Card, Ruth Anne's Fabrics receives an immediate deposit in its checking account for credit card sales. The bank charges a 4% fee. With the United Merchants Card, Ruth Anne's Fabrics receives a deposit after 3 days, net of a 3% fee. Use the Transaction Analysis Template to record the following: a. Sales for March 15 were as follows: Cash and checks $4,250 Great American Bank Card 5,500 United Merchants Card 3,500 $13,250 If the transaction affects the same Balance Sheet category, enter the larger amount in the first row and the smaller amount directly below (in the second row). Balance Sheet Income Statement Assets Stockholders' Liabilities Equity Revenues Expenses ■ Net Income Use the Transaction Analysis Template to record the following: b. Received a check for $19,890 from United Merchants on March 20. Use negative signs with answers, when appropriate. If the transaction increases and decreases the same Balance Sheet category, enter the increase amount in the first row and the decrease amount directly below (in the second row). Balance Sheet Assets Income Statement Liabilities Stockholders' Equity Revenues Expenses Net Income
Ruth Anne's Fabrics accepts cash, personal checks, and two credit cards when customers buy merchandise. With the Great American Bank Card, Ruth Anne's Fabrics receives an immediate deposit in its checking account for credit card sales. The bank charges a 4% fee. With the United Merchants Card, Ruth Anne's Fabrics receives a deposit after 3 days, net of a 3% fee. Use the Transaction Analysis Template to record the following: a. Sales for March 15 were as follows: Cash and checks $4,250 Great American Bank Card 5,500 United Merchants Card 3,500 $13,250 If the transaction affects the same Balance Sheet category, enter the larger amount in the first row and the smaller amount directly below (in the second row). Balance Sheet Income Statement Assets Stockholders' Liabilities Equity Revenues Expenses ■ Net Income Use the Transaction Analysis Template to record the following: b. Received a check for $19,890 from United Merchants on March 20. Use negative signs with answers, when appropriate. If the transaction increases and decreases the same Balance Sheet category, enter the increase amount in the first row and the decrease amount directly below (in the second row). Balance Sheet Assets Income Statement Liabilities Stockholders' Equity Revenues Expenses Net Income
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Ruth Anne's Fabrics accepts cash, personal checks, and two credit cards when customers buy merchandise.
With the Great American Bank Card, Ruth Anne's Fabrics receives an immediate deposit in its checking
account for credit card sales. The bank charges a 4% fee. With the United Merchants Card, Ruth Anne's
Fabrics receives a deposit after 3 days, net of a 3% fee.
Use the Transaction Analysis Template to record the following:
a. Sales for March 15 were as follows:
Cash and checks
$4,250
Great American Bank Card
5,500
United Merchants Card
3,500
$13,250
If the transaction affects the same Balance Sheet category, enter the larger amount in the first row and the smaller amount directly below (in the second row).
Balance Sheet
Income Statement
Assets
Stockholders'
Liabilities
Equity
Revenues
Expenses
■ Net Income
Use the Transaction Analysis Template to record the following:
b. Received a check for $19,890 from United Merchants on March 20.
Use negative signs with answers, when appropriate.
If the transaction increases and decreases the same Balance Sheet category, enter the increase amount in the first row and the decrease amount directly below (in the
second row).
Balance Sheet
Assets
Income Statement
Liabilities
Stockholders'
Equity
Revenues
Expenses
Net Income
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