Listed below are descriptions of six transactions, followed by a table listing six unique combinations of financial statement effects (I
In the blank space to the left of each transaction description, place the appropriate letter from the table that indicates the effects of that transaction on the various elements of the financial statements.
1. _________ Issued capital stock in exchange for $50,000 cash.
2. _________ Billed clients $20,000 on account.
3. _________ Placed a $300 advertisement in the local newspaper. The entire amount is due in 30 days.
4. _________ Collected $100 on account from clients.
5. _________ Recorded and paid a $12,000 dividend.
6. _________ Recorded and paid salaries of$15,000.
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Question Posted: April 17, 2014 09:03:09