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Financial Statement Effects Template Balance Sheet Income Statement Cash Asset Noncash Assets Liabil ities Contrib. Capital Earned Capital Net Income + Transaction Revenues Expenses = 1. Receive $20,000 in exchange for common stock $0 $0 2. Purchased $2,000 of invertory on credit $0 $0 3. Sell inventory for $3,000 on credit $0 $0 4. Record cost of goods sold in 3 $0 $0 5. Collect $3,000 cash from transaction $0 $0 6. Acquire $5,000 of equipment by signing a note $0 $0 $0 $0 7. Pay wages of $1,000 in cash 8. Pay $5,000 cash on a note payable $0 9. Pay $2,000 cash dividend $0 $0 $0 $0 TOTAL $0 $0 $0 $0 $0 $0 $0 $0 Assets 11 $0 Liab.&S/E = $0 T-Accounts Assets Liabilities + Equity Debit Incre (+) Credit Decre (-) Debit Decre (-) Credit Incre (+) Debit Credit Decre (-) Incre (+) Normal Normal Normal Common Stock Retained Earnings Dividends Debit Credit Decre (-) Incre (+) Debit Decre (-) Credit Incre (+) Debit Credit Incre (+) Decre (-) Normal Normal Normal Net Income Revenues Debit Credit Decre (-) Incre (+) Expenses Debit Credit Incre (+) Decre (-) Normal Normal