The Yankee Corporation has recently begun to accept credit cards. On July 7, Yankee made a credit card sale of $600. Assume that the credit card fee is recorded on the date of sale and that the credit card company charges a fee of 3%. Which of the following correctly shows the effects of the sale on July 7? Balance Sheet Income Statement Stockholders' Net Assets = Liabilities + Equity Revenue- Expense Income Statement of Cash Flows A. 600 18 582 582 NA 582 NA B. 582 NA 582 600 18 582 582 0A C. 582 NA 582 600 18 582 NA D. 600 NA 600 600 NA 600 NA

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The Yankee Corporation has recently begun to accept credit cards. On July 7, Yankee made a credit card sale of $600. Assume that the credit card fee is recorded on the date of sale and that the credit
card company charges a fee of 3%.
Which of the following correctly shows the effects of the sale on July 7?
Balance Sheet
Income Statement
Stockholders'
Net
Assets = Liabilities +
Equity
Revenue-
Expense
Income
Statement of Cash Flows
A.
600
18
582
582
NA
582
NA
B.
582
NA
582
600
18
582
582 0A
C.
582
NA
582
600
18
582
NA
D.
600
NA
600
600
NA
600
NA
Multiple Choice
Option A
Option Di
Option C
Option B
Transcribed Image Text:O The Yankee Corporation has recently begun to accept credit cards. On July 7, Yankee made a credit card sale of $600. Assume that the credit card fee is recorded on the date of sale and that the credit card company charges a fee of 3%. Which of the following correctly shows the effects of the sale on July 7? Balance Sheet Income Statement Stockholders' Net Assets = Liabilities + Equity Revenue- Expense Income Statement of Cash Flows A. 600 18 582 582 NA 582 NA B. 582 NA 582 600 18 582 582 0A C. 582 NA 582 600 18 582 NA D. 600 NA 600 600 NA 600 NA Multiple Choice Option A Option Di Option C Option B
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