Record transaction:

In January, SBUX sells coffee totaling $300,000 to customers for cash. (IMPORTANT ASIDE: The customer might use a credit card to make the purchase. Credit companies charge 2-3% processing fee. SBUX would treat the credit card transaction the same as a cash purchase, except that the amount recorded would be the net cash flow, 97-98% of the selling price.)

Transactions to record: Company-owned stores. In January, SBUX sells coffee totaling $300,000 to customers for cash. (Important aside: The customer might use a credit card to make the purchase. Credit companies charge 2- 3% processing fee. SBUX would treat the credit card transaction the same as a cash purchase, except that the amount recorded would be the net cash flow, 97-98% of the selling price.) Date (ifany Cash Noncash given) Asset Assets Balance Sheet Income Statement Contributed Earned Liabilities Capital Revenues Expenses Net Income