Record the effect of each of the following independent transactions using the financial statements effects template provided.
Question:
Record the effect of each of the following independent transactions using the financial statements effects template provided. Confirm that Assets = Liabilities + Equity for each transaction.
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Balance Sheet Income Statement Cash Noncash %3D Earned Liabil- Contrib. Net Expenses = Income Revenues - Transaction Asset Assets ities Capital Capital (1) Receive €50,000 in exchange for common stock. (2) Borrow €10,000 from %3D bank. (3) Purchase €2,000 of supplies inventory on credit. (4) Receive €15,000 cash from customers for services provided. (5) Pay €2,000 cash to supplier in transaction %D 3. (6) Receive order for future services with €3.500 advance payment. (7) Pay €5,000 cash divicend to shareholders. II
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Transaction 1 Receive 50000 in exchange for common stock 2 Borrow 10000 from bank 3 Purchase 2000 o...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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