Question
Credit Card Sales Ruth's Restaurant accepts American Express credit cards from its customers. Ruth's is closed on Sundays and on that day records the weekly
Credit Card Sales
Ruth's Restaurant accepts American Express credit cards from its customers. Ruth's is closed on Sundays and on that day records the weekly sales and remits the credit card receipts to American Express. For the week ending on Sunday, June 12, cash sales totaled $2,440 and credit card sales amounted to $3,510. On June 15, Ruth's received $3,370 from American Express as payment for the credit card receipts.
a. Identify and analyze the transactions on June 12.
| Activity | |
| Accounts | |
| Statement(s) |
How does this entry affect the accounting equation? If a financial method="accounting"is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, i.e, a decrease, be sure to enter the answer with a minus sign. Enter the equity and on the income statement as a combined amount.
| Balance Sheet | Income Statement | |||||||||||||
| Stockholders' | Net | |||||||||||||
| Assets | = | Liabilities | + | Equity | Revenues | Expenses | = | Income | ||||||
| fill in the blank 10ca18fd0fd0022_2 | fill in the blank 10ca18fd0fd0022_4 | fill in the blank 10ca18fd0fd0022_5 | fill in the blank 10ca18fd0fd0022_7 | fill in the blank 10ca18fd0fd0022_9 | fill in the blank 10ca18fd0fd0022_10 | |||||||||
| fill in the blank 10ca18fd0fd0022_12 | fill in the blank 10ca18fd0fd0022_14 | fill in the blank 10ca18fd0fd0022_15 | fill in the blank 10ca18fd0fd0022_17 | fill in the blank 10ca18fd0fd0022_19 | fill in the blank 10ca18fd0fd0022_20 | |||||||||
b. Identify and analyze the transactions on June 15.
| Activity | |
| Accounts | |
| Statement(s) |
How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, i.e, a decrease, be sure to enter the answer with a minus sign.
| Balance Sheet | Income Statement | |||||||||||||
| Stockholders' | Net | |||||||||||||
| Assets | = | Liabilities | + | Equity | Revenues | Expenses | = | Income | ||||||
| fill in the blank c0a89bfd5fcf056_2 | fill in the blank c0a89bfd5fcf056_4 | fill in the blank c0a89bfd5fcf056_5 | fill in the blank c0a89bfd5fcf056_7 | fill in the blank c0a89bfd5fcf056_9 | fill in the blank c0a89bfd5fcf056_10 | |||||||||
| fill in the blank c0a89bfd5fcf056_12 | fill in the blank c0a89bfd5fcf056_14 | fill in the blank c0a89bfd5fcf056_15 | fill in the blank c0a89bfd5fcf056_17 | fill in the blank c0a89bfd5fcf056_19 | fill in the blank c0a89bfd5fcf056_20 | |||||||||
As a percentage, what collection fee is American Express charging Ruth? Round to the nearest whole number if needed. fill in the blank 455175f9f04003b_1 %
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Forensic Accounting And Fraud Investigation For Non-Experts
Authors: Stephen Pedneault, Frank Rudewicz, Howard Silverstone, Michael Sheetz
3rd Edition
0470879599, 9780470879597
