Record the effect of each of the following independent transactions using the financial statement effects template provided.
Question:
Record the effect of each of the following independent transactions using the financial statement effects template provided. Confirm that Assets = Liabilities + Equity.
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Balance Sheet Income Statement Earned Net Expenses = income Cash Noncash Liabil- Contrib. Revenues - Transaction Asset Assets ities Capital Capital (1) Receive $20,000 cash in exchange for common stck, (2) Purchase $2,000 of inventory on credit. %D %3D (3) Sell inventory for $3,000 on credit. (4) Record $2,000 for cost of inventory sold in 3. (5) Collect $3,000 cash from trensaction 3. %D (6) Acquire $5,000 of equipment by signing a note. (7) Pay wages of $1,000 in cash. %3D %D (8) Pay $5,000 on a note payable that came due. wwww (9) Pay $2.000 cash dividend. Activate Wine to Settings to Totals
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Transaction 1 Receive 20000 cash in exchange for common stock 2 Purchase 2000 of inventory ...View the full answer
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Related Book For
Financial Accounting
ISBN: 9781618533111
6th Edition
Authors: Michelle L. Hanlon, Robert P. Magee, Glenn M. Pfeiffer, Thomas R. Dyckman
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