Kona Clothing experienced the following events during 2012, its first year of operation: 1. Acquired $14,000 cash
Question:
Kona Clothing experienced the following events during 2012, its first year of operation:
1. Acquired $14,000 cash from the issue of common stock.
2. Purchased inventory for $8,000 cash.
3. Sold inventory costing $6,000 for $9,000 cash.
4. Paid $800 for advertising expense.
Required
Record the events in a statements model like the one shownbelow.
Transcribed Image Text:
Assets Equity Rev. - Exp. = Net Inc. Cash Flow Cash+InvCom. StkRet. Earn.
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Kona Clothing Effect of Events on the Financial Statements Assets Equity ...View the full answer
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Ashok Kumar Malhotra
Chartered Accountant - Accounting and Management Accounting for 15 years.
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Related Book For
Survey of Accounting
ISBN: 978-0078110856
3rd Edition
Authors: Thomas P. Edmonds, Frances M. McNair, Philip R. Olds, Bor Yi
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