The following business events were taken from transactions of a medium size firm in November 2022....
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The following business events were taken from transactions of a medium size firm in November 2022. Please fill the blank spaces with correct records that show the impacts of every transaction on the key accounts in the financial position of a firm (assets, liabilities, and equities). Dates 2/11/2022 Dates Transaction The owner provided a car for his company as part of his business commitment. ($ 10,000) Transaction 2/11/2022 The owner transferred $9,000 to his company's bank account 4/11/2022 The firm got a credit Example: transfer of $2,000 from a bank, as a loan Assets (Increase or decrease) in $ $10,000 (increase) Transactions: Assets (Increase or decrease) in $ ****************** Liabilities (Increase or decrease) in $ Liabilities (Increase or decrease) in $ Equities (Increase or decrease) in $ $10,000 (increase) Equities (Increase or decrease) in $ 7/11/2022 The firm received an electrical bill ($700) and will bepaid in 2 months 10/11/2022 The firm purchased 2 tons of sugar as inventory for $5,000. Paid in cash $1,000 and the remaining amount was settled in 20/11/2022 20/11/2022 The firm paid in cash to settle the transaction that occurred on 10/11/2022. 21/11/2022 A trade receivable, who owes $7,000, made a part payment of $6,000. The following business events were taken from transactions of a medium size firm in November 2022. Please fill the blank spaces with correct records that show the impacts of every transaction on the key accounts in the financial position of a firm (assets, liabilities, and equities). Dates 2/11/2022 Dates Transaction The owner provided a car for his company as part of his business commitment. ($ 10,000) Transaction 2/11/2022 The owner transferred $9,000 to his company's bank account 4/11/2022 The firm got a credit Example: transfer of $2,000 from a bank, as a loan Assets (Increase or decrease) in $ $10,000 (increase) Transactions: Assets (Increase or decrease) in $ ****************** Liabilities (Increase or decrease) in $ Liabilities (Increase or decrease) in $ Equities (Increase or decrease) in $ $10,000 (increase) Equities (Increase or decrease) in $ 7/11/2022 The firm received an electrical bill ($700) and will bepaid in 2 months 10/11/2022 The firm purchased 2 tons of sugar as inventory for $5,000. Paid in cash $1,000 and the remaining amount was settled in 20/11/2022 20/11/2022 The firm paid in cash to settle the transaction that occurred on 10/11/2022. 21/11/2022 A trade receivable, who owes $7,000, made a part payment of $6,000.
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The breakdown of the financial impact for each transaction are as follows Transactions Date Transac... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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