Chester Inc started their Service Business in 2021 and had the following transactions 1 The Business...

 

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Chester Inc started their Service Business in 2021 and had the following transactions 1 The Business Acquired $122,500 cash from the issue of common stock. $28,000 cash. This means the client paid when the services were rendered $77,000 of services on account. $9,800 of other operating expenses on account. $42,000 cash for salaries expense. 2 The Business Provided services for The Business Provided 4 The Business Incurred 5 The Business Paid $24,500 cash from the account receivable created in Event 3. $6,300 cash to purchase supplies. Treat this transaction as Operating Expenses paid. $15,400 cash in advance for services to be performed in the future. $49,000 cash from the account receivable created in Event 3. 60.0% of the services agreed to in Event 8. The Business Collected 7 The Business Paid 8 The Business Received The Business Collected 10 The Business Performed REQUIRED Record the preceding transactions in the horizontal statements model. Also, in the Cash Flows column, classify the cash flows as operating activities (OA), investing activities (IA), or financing activities (FA). See "Horizontal Statements Model" file on Canvas for guidance. Chester Inc started their Service Business in 2021 and had the following transactions 1 The Business Acquired $122,500 cash from the issue of common stock. $28,000 cash. This means the client paid when the services were rendered $77,000 of services on account. $9,800 of other operating expenses on account. $42,000 cash for salaries expense. 2 The Business Provided services for The Business Provided 4 The Business Incurred 5 The Business Paid $24,500 cash from the account receivable created in Event 3. $6,300 cash to purchase supplies. Treat this transaction as Operating Expenses paid. $15,400 cash in advance for services to be performed in the future. $49,000 cash from the account receivable created in Event 3. 60.0% of the services agreed to in Event 8. The Business Collected 7 The Business Paid 8 The Business Received The Business Collected 10 The Business Performed REQUIRED Record the preceding transactions in the horizontal statements model. Also, in the Cash Flows column, classify the cash flows as operating activities (OA), investing activities (IA), or financing activities (FA). See "Horizontal Statements Model" file on Canvas for guidance.

Answer rating: 100% (QA)

Balance sheet Income Statement Liabilties Stockholders Equity Assets Cash Flow Event No Unearn... View the full answer