Short Answer S1-8 Identifying accounts

needs to be answered

34 chapter 1 Learning Objective 3 S1-7 Using the accounting equation Roland's Overhead Deserts the following financial informa 17,220 27,460 Assets Liabilities Common Stock Dividends Revenues Expenses 6,500 8,850 Requirements 1. Use the accounting couation in sale for the missing information 2. Did Rolands Chichead Doors report net income or net loss Learning Objective 3 Learning Objective 4 S1-8 Identifying accounts Consider the following accounts: a. Accounts Payable f. Service Revenue b. Cash & Office Supplies c. Common Stock h. Dividends d. Accounts Receivable i. Land e. Rent Expense j. Salaries Expense Identify cach account as Asset, Liability, or Equity S1-9 Using the accounting equation to analyze transactions Tiny Town Kennel carns service revenue by caring for the pets of customers. Tiny Town Kennel is organized as a corporation. During the past month, Tiny Town Kennel has the following transactions: a. Received $520 cash for service revenue carned. b. Paid $325 cash for salaries expense. c. Received a $1,000 contribution in exchange for common stock $4,40 for service revenue, but the customer has not paid Tiny Town Kennel yet. e. Received utility bill of $85, which will be paid next month. 1. Cash dividends of $100 were paid to stockholders. Indicate the effects of the business transactions on the accounting Town Kennel. Transaction() is answered as a guide. 4.Inase (Canh: In maar equity Service Rowe) S1-10 Using the accounting equation to analyze transactice Flaine's Inflatables carns service revenue by providing party planni inflatable playscapes. Flaine's Inflatables is organized as a month Elaines Inflatables had the following transaction Received contributions of $10,in exchange for Comm b. Purchased equipment for $5,000 on account. on the accounting equation for 'Tiny Learning Objective 4 party planning Services and oration. During the past in exchange for common stock