Ruth Anne's Fabrics accepts cash, personal checks, and two credit cards when customers buy merchandise. With...

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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 Great American Bank Card United Merchants Card 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 $850 1,100 700 $2,650 1906 679 = Liabilities + 0 0 Stockholders' Equity Revenues - Expenses = Net Income Use the Transaction Analysis Template to record the following: b. Received a check for $3,978 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 = Liabilities Stockholders' + Equity Income Statement 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 Great American Bank Card United Merchants Card 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 $850 1,100 700 $2,650 1906 679 = Liabilities + 0 0 Stockholders' Equity Revenues - Expenses = Net Income Use the Transaction Analysis Template to record the following: b. Received a check for $3,978 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 = Liabilities Stockholders' + Equity Income Statement Revenues Expenses = Net Income

Answer rating: 100% (QA)

ANSWER a Transaction Analysis Template Account Debit Credit Cash 850 Accounts Receivable 1800 Credit ... View the full answer