Question: i need help with number and the second to last line on the sheet 2. Performed legal services for cash of $61,500. 3. Purchased $1,450

i need help with number and the second to last line on the sheet
i need help with number and the second to last line on
the sheet 2. Performed legal services for cash of $61,500. 3. Purchased

2. Performed legal services for cash of $61,500. 3. Purchased $1,450 of office supplies on account. 4. Pald $1,305 of the amount due on accounts payable. 5. Paid a cash dividend to the stockholders of $4,200. 6. Paid cash for operating expenses of $21,600. 7. Determined that at the end of the accounting period $105 of office supplies remained on hand. 8. On December 31, Year 1 , recognized the revenue that had been earned for services performed in accordance with Transaction 1 . Required: Show the effects of the events on the financial statements using a horizontal statements model. The first event has been recorded as an example. Note: In the Statement of Cash Flows column, use the initials OA to designate operating activity, IA for investing activity, FA for financing activity, and NC for net change in cash. Do not round intermediate calculations. Enter any decreases to account balances and cash outflows with a minus sign. Not all cells require input

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!