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The Tin Roof accepts cash, personal checks, and two credit cards when customers buy merchandise. With the Great American Bank Card, The Tin Roof receives
The Tin Roof accepts cash, personal checks, and two credit cards when customers buy merchandise. With the Great American Bank Card, The Tin Roof receives an immediate deposit in its checking account for credit card sales. The bank charges a 4% fee. With the United Merchants Card, The Tin Roof 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 Assets = Liabilities Stockholders' Equity Revenues Expenses = Net Income 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 Assets Income Statement Liabilities + Stockholders' Equity Revenues Expenses = Net Income
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