Question: How are these accounts affected and how do I create the financial statements for them? Chapter 5 (20 pts) The following are the December transactions

How are these accounts affected and how do I create the financial statements for them?
How are these accounts affected and how do I create the financial

Chapter 5 (20 pts) The following are the December transactions for Zion Company: December 1-Signed a loan for $30,000 December 2- Stockholders invested $50,000 in Zion Co. December 5- Paid $750 to the bank on a loan and paid $450 in interest. December 11 - Paid a $375 utility bill that was received and recorded in November December 12 - Purchased $180 of office supplies on account. December 18- Provided services to a client for $2,200. December 27 - Received a utilities bill for $585 for utilities used during December that is due in March. December 28 - Paid cash dividends of $100 to stockholders. December 30- Paid for office supplies purchased on December 12. a. Write each of the accounts affected by each transaction and how they are affected. [cash (current asset) decreased $500; supplies (current asset) increased $500] (or use the accounting equation template) b. Prepare an income statement, statement of retained earnings & balance sheet for December. (Financial statements are created for all transactions for the entire fiscal year.)

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