[The following information applies to the questions displayed below.]The Yankee Corporation has recently begun to accept credit cards. On July 7, Year 1, Yankee made a credit card sale of $600. The credit card company charges a fee of 3% for handling a credit card transaction.Which of the following correctly describes the effect of the collection of cash from the credit card company on the financial statements of Yankee Corporation? Assets=Liab.+Stk.EquityRev.?Exp.=Net Inc.Stmt of CashFlowsA.NA NA NANA NA NA582 OAB.582 NA NA582 NA 582582 OAC.NA NA NANA NA NANAD.582 582 NANA NA NA582 OA
A. Option A
B. Option B
C. Option C
D. Option D
Answer: A
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