Clicker Question Preparation Guide: Ch. 3 & Ch. 4 Clicker questions will be asked in class based on your completion of this preparation guide. You will not have time to complete this guide in class! You are required to handwrite your answers to this assignment 1) What is the journal entry a company records for receiving $500 cash in advance for services which will be performed and completed next month? Debit Credit Impact to the equation: Assets Liabilities + Stockholders' equity 2) What is the journal entry a company records when paying $1,100 of Salaries Expense with cash? Debit Credit Impact to the equation: Assets Liabilities Stockholders' equity 3) What is the journal entry a company records for issuing $3,000 worth of common stock? Debit Credit Impact to the equation Assets Liabilities Stockholders' equity 4) Identify on which financial statement (Income Statement, Balance Sheet, or Statement of Retained Earnings) the following accounts are found and note the normal balance for each: a. Cash Financial Stmt. Example: Balance Sheet Normal Balance Debit b. Dividends c. Goodwill d. Cost of Goods Sold e. Unearned Revenue f. Common Stock g. Accounts Payable h. Revenue