COMPLETE EXERCISES IN A PAPER

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Determine e'ect of transactions on basic owner's equity. Prepare a balance sheet. Determine where items appear on nancial statements. BEL9 (LO 4) Presented below are three transactions. Mark each transaction as affecting owner's invest- ment (1), owner's drawings (D), revenue (R), expense (E), or not affecting owner's equity (NOE). a. Received cash for services performed b. Paid cash to purchase equipment c. Paid employee salaries BE1.10 (LO 5) In alphabetical order below are balance sheet items for Smyth Company at December 31, 2020. Kathy Smyth is the owner of Smyth Company. Prepare a balance sheet, following the format of Illustration 1.9. Accounts payable $90,000 Accounts receivable 62,500 Cash 49,000 Owner's capital 21,500 BE1.11 (L0 5) Indicate whether the following items would appear on the in- come statement (IS), balance sheet (BS), or owner's equity statement (OE). a. Notes payable d. Cash b. Advertising expense e. Service revenue c. Owner's capital