A number of transnetions of Claypool Construction are described belBW debited and credited: 2 EXERCISE 3.7 Ellects of Transactions on the Debit Wages Expense; credit Wages Payable. 2. Debit Accounts Reccivable; credit Construction Revenue. 3. Debit Dividends; credit Cash. 4. Debit Office Supplies; credit Accounts Payablc. Debit Repairs Expense; credit Cash. 1. 6 Accounting Equation 5. 6. Debit Cash; credit Accounts Receivable. 7. Debit Tools and Equipment; credit Cash and Notes Payable. 8. Debit Accounts Payable; crcdit Cash. Indicate the effects of each transaction upon the elements of the income statement and the bal- ance sheet. Use the code letters i for increase, D for decrease, and NE for no effect. Organize your answer in tabular form using the column headings shown below. The answer for transac- tion 1 is provided as an example. a. Balance Sheet Income Statement Assets Liabilities + Owners' Equity Revenue - Expenses = Net Income D Transaction NE 1 NE b. Write a one-sentence description of each transaction.
A number of transnetions of Claypool Construction are described belBW debited and credited: 2 EXERCISE 3.7 Ellects of Transactions on the Debit Wages Expense; credit Wages Payable. 2. Debit Accounts Reccivable; credit Construction Revenue. 3. Debit Dividends; credit Cash. 4. Debit Office Supplies; credit Accounts Payablc. Debit Repairs Expense; credit Cash. 1. 6 Accounting Equation 5. 6. Debit Cash; credit Accounts Receivable. 7. Debit Tools and Equipment; credit Cash and Notes Payable. 8. Debit Accounts Payable; crcdit Cash. Indicate the effects of each transaction upon the elements of the income statement and the bal- ance sheet. Use the code letters i for increase, D for decrease, and NE for no effect. Organize your answer in tabular form using the column headings shown below. The answer for transac- tion 1 is provided as an example. a. Balance Sheet Income Statement Assets Liabilities + Owners' Equity Revenue - Expenses = Net Income D Transaction NE 1 NE b. Write a one-sentence description of each transaction.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
finalacial accounting
please give me the answer of this question thanks
Transcribed Image Text:A number of transnetions of Claypool Construction are described below in terms of necounts
debited and credited:
EXERCISE 3.7
Ellects of
Transactions on the
Accounting Equation
Debit Wages Expense; credit Wages Payable.
Debit Accounts Receivablc; credit Construction Revenue.
1.
6
2.
3.
Debit Dividends; credit Cash.
4.
Debit Office Supplies; credit Accounts Payablc.
Debit Repairs Expense; credit Cash.
6. Debit Cash; credit Accounts Receivable.
5.
7.
Debit Tools and Equipment; credit Cash and Notes Payable.
8.
Debit Accounts Payable; credit Cash.
Indicate the effects of each transaction upon the elements of the income statement and the bal-
ance sheet. Use the code letters I for increase, D for decrease, and NE for no effect. Organize
your answer in tabular form using the column headings shown below. The answer for transac-
tion 1 is provided as an example.
a.
Income Statement
Balance Sheet
Transaction
Revenue
Expenses
= Net Income
Assets = Liabilities + Owners' Equity
1
NE
D
NE
b.
Write a one-sentence description of each transaction.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education