Analyzing Transactions using the Financial Statement Effects Template Report the effects for each of the following...

 

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Analyzing Transactions using the Financial Statement Effects Template Report the effects for each of the following independent transactions using the financial statement effects template. If no entry should be made, leave answer fields blank. Remember to use negative signs with your answers, when appropriate. Record the net increase (decrease) for a transaction category, when needed. Balance Sheet Transaction (a) Receive merchandise inventory costing $21,600, purchased with cash. (b) Sell half of inventory in (a) for $18,000 on credit. (c) Place order for $12,000 of additional merchandise inventory to be delivered next month. (d) Pay employee $9,600 for compensation earned during the month. (e) Pay $16,800 rent for use of premises during the month. (f) Receive full payment from customer in part (b). Check Cash Asset + (21,600)✓ + 0✔+ 0✓ + (9,600) + (16,800)✓ + 18,000 ✓ + Noncash Assets = Liabilities + 23,400 x = 7,200 ✓ = 0✓= 0✔= 0✓ = (18,000) = 05- 0+ 0+ 0✓ + 0✔+ 0+ Contributed Capital + 0✔+ 0✓ + 0✓ + 0✔+ 0✓ + 0+ Earned Capital 0✔ 7,200 ✓ 0✓ (9,600)✓ (16,800)✓ 0✓ Revenue Income Statement 0✓ 18,000 ✓- 0✓- 0✓- 0✓ 0✓ Expenses = Net Income 0✔ (10,800) * = 0✓ = (9,600) * - (16,800) x = 0= 0✔ |< < < < < < 7,200 ✓ 0 (9,600) (16,800)✓ Analyzing Transactions using the Financial Statement Effects Template Report the effects for each of the following independent transactions using the financial statement effects template. If no entry should be made, leave answer fields blank. Remember to use negative signs with your answers, when appropriate. Record the net increase (decrease) for a transaction category, when needed. Balance Sheet Transaction (a) Receive merchandise inventory costing $21,600, purchased with cash. (b) Sell half of inventory in (a) for $18,000 on credit. (c) Place order for $12,000 of additional merchandise inventory to be delivered next month. (d) Pay employee $9,600 for compensation earned during the month. (e) Pay $16,800 rent for use of premises during the month. (f) Receive full payment from customer in part (b). Check Cash Asset + (21,600)✓ + 0✔+ 0✓ + (9,600) + (16,800)✓ + 18,000 ✓ + Noncash Assets = Liabilities + 23,400 x = 7,200 ✓ = 0✓= 0✔= 0✓ = (18,000) = 05- 0+ 0+ 0✓ + 0✔+ 0+ Contributed Capital + 0✔+ 0✓ + 0✓ + 0✔+ 0✓ + 0+ Earned Capital 0✔ 7,200 ✓ 0✓ (9,600)✓ (16,800)✓ 0✓ Revenue Income Statement 0✓ 18,000 ✓- 0✓- 0✓- 0✓ 0✓ Expenses = Net Income 0✔ (10,800) * = 0✓ = (9,600) * - (16,800) x = 0= 0✔ |< < < < < < 7,200 ✓ 0 (9,600) (16,800)✓

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