Ill. For each transaction listed below for 2022 and 2023: Indicate the net effect of the...
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Ill. For each transaction listed below for 2022 and 2023: Indicate the net effect of the transaction on: A (Assets), L (Liabilities), SE (Stockholders' Equity), and NI (Net Income). Use: + for increase, - for decrease, or 0 for no net effect. Support the above work with entries for transactions (without numbers). I Transactions: a) Collected customer's account (before had billed for services); no cash discount b) Bought equipment; gave down payment and long-term note for the rest c) Recorded depreciation on equipment d) Declared and paid dividends e) Issued company's own common stock at more than par value f) Sold merchandise on account (on credit) g) Recorded the cost of merchandise sold - use perpetual system h) Accrued estimated assurance warranty obligation i) Bought supplies on account (on credit) - used "real" (balance sheet) account j) Bought land by issuing own stock; included stockbroker fees k) Sold building at less than acquisition cost; received cash 1) Paid salaries: 1/4/23. Had accrued some salaries: 12/31/22. Fiscal year end: 12/31. m) Paid for previous credit purchase of merchandise after discount period n) Collected monies in advance for future services; used nominal (I/S) account A L SE NI Ill. For each transaction listed below for 2022 and 2023: Indicate the net effect of the transaction on: A (Assets), L (Liabilities), SE (Stockholders' Equity), and NI (Net Income). Use: + for increase, - for decrease, or 0 for no net effect. Support the above work with entries for transactions (without numbers). I Transactions: a) Collected customer's account (before had billed for services); no cash discount b) Bought equipment; gave down payment and long-term note for the rest c) Recorded depreciation on equipment d) Declared and paid dividends e) Issued company's own common stock at more than par value f) Sold merchandise on account (on credit) g) Recorded the cost of merchandise sold - use perpetual system h) Accrued estimated assurance warranty obligation i) Bought supplies on account (on credit) - used "real" (balance sheet) account j) Bought land by issuing own stock; included stockbroker fees k) Sold building at less than acquisition cost; received cash 1) Paid salaries: 1/4/23. Had accrued some salaries: 12/31/22. Fiscal year end: 12/31. m) Paid for previous credit purchase of merchandise after discount period n) Collected monies in advance for future services; used nominal (I/S) account A L SE NI
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Answer rating: 100% (QA)
Answer To indicate the net effect of each transaction on Assets A Liabilities L Stockholders Equity SE and Net Income NI Ill use the following symbols ... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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