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Question

The Ruiz Corporation, which owns a chain of specialty shops, has recently begun to accept credit cards. On March 1, 2014, Ruiz made a credit card sale of $5,200 to a customer. The credit card company charges a fee of 3%. Which of the following answers correctly describes the effect on Ruiz's financial statements of the collection of cash from the credit card company?

Option A Option B Option C Option D