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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

Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter10: Accounting For Sales And Cash Receipts
Section: Chapter Questions
Problem 1MP
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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
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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