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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.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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.
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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