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Ruth Annes Fabrics accepts cash, personal checks, and two credit cards when customers buy merchandise....

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Accounting

Ruth Annes Fabrics accepts cash, personal checks, and two credit cards when customers buy merchandise.
With the Great American Bank Card, Ruth Annes 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 $850
Great American Bank Card 1,100
United Merchants Card 700
$2,650
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
Stockholders'
Assets = Liabilities + Equity Revenues - Expenses = Net Income
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