Question: Current Attempt in Progress Transactions that affect cash do not necessarily affect net income. Identify the impact, if any, of each of the following transactions
Current Attempt in Progress Transactions that affect cash do not necessarily affect net income. Identify the impact, if any, of each of the following transactions on cash and net Income. The first transaction has been completed for you as an example. (For decreases use either a negative sign preceding the number, e.3.-45 or parenthesis, e.g. (45). If an answer is zero, please enter O. Do not leave any fields blank.) Transactions Cash Profit (a) Purchased supplies for cash, $100. $100 $0 (b) Made an adjusting entry to record use of $80 of the supplies in item (a) (c) Performed services on account, $1,000. (d) Received $830 from customers in payment of their account in item (c). (e) Purchased equipment for cash, $6,000. () Made an adjusting entry to record depreciation of the equipment in Item(e), $1,200. (g) Obtained a $1,200 bank loan. (h) Made an adjusting entry to accrue interest on the loan in Item(s). $60. (0) Received $485 cash for services to be performed in the future. 0) Made an adjusting entry relating to the amount received in item (i) to show that $195 of the services had now been performed. (k) Made an adjusting entry to record utilities incurred but not yet paid, $255
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