Question: Please answer question #8, SHOWING ALL WORK ACCORDINGLY ON ALL PARTS. Thank you! Transactions that affect earnings do not necessarily affect cash. Identify the effect,
Transactions that affect earnings do not necessarily affect cash. Identify the effect, if any, that each of the following transactions would have upon cash and net income. The first transaction has been completed as an example. (If an amount reduces the account balance then enter with negative sign preceding the number e.g.-15,000 or parentheses eg. (15,000).) Cash Net Income a. Purchased $110 of supplies for cash. -$110 $ 50 b. Recorded an adjusting entry to record use of $35 of the above supplies. c. Made sales of $1,350, all on account. d. Received $950 from customers in payment of their accounts. e. Purchased equipment for cash, $2.900. Recorded depreciation of building for period used, $750
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