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
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finalacial accounting
please give me the answer of this question thanks
![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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa876fec2-e439-4e18-a4de-ca4bde18f6c6%2F7a238909-0a39-4f41-aa42-b9bc887ac0d2%2F3hb9yfh_processed.jpeg&w=3840&q=75)
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.
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