Report the effects for each of the following independent transactions using the financial statement effects template. If
Question:
Report the effects for each of the following independent transactions using the financial statement effects template. If no entry should be made, answer "No entry."
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Balance Sheet Income Statement Cash Noncash Liabil- Contrib. Earned Net Income Revenues - Expenses = Transaction Asset Assets ities Capital Сapital a. Issue common stock for $20,000 cash. %3D b. Pay $2,000 rent in %3D advance. c. Purchase computer equipment for $7,000 %3D cash. d. Purchase and receive $13,000 of inventory on account (i.e., pay supplier later) %3D e. Pay supplier of inventory in part (d) II II
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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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