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 $$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

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 Income Statement

Stockholders'

Assets $=$ Liabilities $+$ Equity Revenues $-$ Expenses $=$ Net Income