Financial Statement Effects: How Transactions Impact Business Accounting Reports

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Finance - Personal Finance

charlotte1oxhi Created by 10 mon ago

Cards in this deck(19)

When common stock is issued to investors in exchange for cash, there is an increase in _____ and an increase in stockholders' equity.

Paying monthly rent results in a decrease in _____ and a decrease in stockholders' equity.

Receiving cash from customers when a service is performed leads to an increase in _____ and an increase in stockholders' equity.

Billing customers when a service is performed results in an increase in _____ and an increase in stockholders' equity.

Paying dividends to stockholders causes a decrease in _____ and a decrease in stockholders' equity.

Incurred advertising expense on account leads to an increase in _____ and a decrease in stockholders' equity.

Receiving cash from customers previously billed results in an increase in _____ and a decrease in assets.

Purchasing additional equipment for cash results in an increase in _____ and a decrease in assets.

Purchasing equipment on account results in an increase in _____ and an increase in liabilities.

Accounts Payable is classified under the _____ on the financial statements.

Accounts Receivable is reported on the _____ as part of the financial statements.

Common stock is shown on the _____ in the financial statements.

Depreciation Expense is recorded on the _____ as part of the financial statements.

Interest Expense is reported on the _____ in the financial statements.

Interest Income is shown on the _____ as part of the financial statements.

Inventory is classified under the _____ on the financial statements.

Prepaid Expenses are reported on the _____ as part of the financial statements.

Property and Equipment are shown on the _____ in the financial statements.

Revenue is recorded on the _____ as part of the financial statements.

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