Question: Direct Method Fill in the blank for each of the following situations. Cash Inflow Balance Sheet Beginning Ending Income Statement (Outflow) 1. Accounts receivable $2,000

Direct Method Fill in the blank for each of the following situations.

Cash Inflow Balance Sheet Beginning Ending Income Statement (Outflow) 1. Accounts receivable $2,000 $5,000 Sales on account, 2. Prepaid insurance 4,000 $3,000 Insurance expense, 3. Income taxes payable 6,000 $9,000 Income tax 4. Wages payable5,000 $3,000 Wages expense, $15,000 $7,000 expense, $20,000 S $25,000

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