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**Transcription for Educational Website:** --- ### Northern Industries Credit Card Sale Analysis 3) Northern Industries accepted a credit card sale for $14,000. The credit card company charges 2%. - **a.** What is the entry for this transaction on the horizontal equation? - **b.** What is the impact of collecting the payment from the credit card company? (Show the individual accounts impacted in the asset section) **Table for Transaction Analysis:** | Assets | = | Liabilities | + | Stockholders’ Equity | Revenues | - | Expenses | = | Net Income | Cash Flow | |--------|---|-------------|---|----------------------|----------|---|----------|---|------------|-----------| | a. | | | | | | | | | | | | b. | | | | | | | | | | | --- ### Inventory Purchases and Sales for Fraser Company 4) Here are the inventory purchases and sales for Fraser Company: **Inventory Layers Available for Sale:** - **October 1** - Beginning Inventory: \( 14 \, \text{units} \times \$16 \, \text{per unit} = \$224 \) --- *(Document Name: Study Guide - Chapter 5 (with solutions).docx)*

**Transcription for Educational Website:** --- ### Northern Industries Credit Card Sale Analysis 3) Northern Industries accepted a credit card sale for $14,000. The credit card company charges 2%. - **a.** What is the entry for this transaction on the horizontal equation? - **b.** What is the impact of collecting the payment from the credit card company? (Show the individual accounts impacted in the asset section) **Table for Transaction Analysis:** | Assets | = | Liabilities | + | Stockholders’ Equity | Revenues | - | Expenses | = | Net Income | Cash Flow | |--------|---|-------------|---|----------------------|----------|---|----------|---|------------|-----------| | a. | | | | | | | | | | | | b. | | | | | | | | | | | --- ### Inventory Purchases and Sales for Fraser Company 4) Here are the inventory purchases and sales for Fraser Company: **Inventory Layers Available for Sale:** - **October 1** - Beginning Inventory: \( 14 \, \text{units} \times \$16 \, \text{per unit} = \$224 \) --- *(Document Name: Study Guide - Chapter 5 (with solutions).docx)*

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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**Transcription for Educational Website:** --- ### Northern Industries Credit Card Sale Analysis 3) Northern Industries accepted a credit card sale for $14,000. The credit card company charges 2%. - **a.** What is the entry for this transaction on the horizontal equation? - **b.** What is the impact of collecting the payment from the credit card company? (Show the individual accounts impacted in the asset section) **Table for Transaction Analysis:** | Assets | = | Liabilities | + | Stockholders’ Equity | Revenues | - | Expenses | = | Net Income | Cash Flow | |--------|---|-------------|---|----------------------|----------|---|----------|---|------------|-----------| | a. | | | | | | | | | | | | b. | | | | | | | | | | | --- ### Inventory Purchases and Sales for Fraser Company 4) Here are the inventory purchases and sales for Fraser Company: **Inventory Layers Available for Sale:** - **October 1** - Beginning Inventory: \( 14 \, \text{units} \times \$16 \, \text{per unit} = \$224 \) --- *(Document Name: Study Guide - Chapter 5 (with solutions).docx)*
Transcribed Image Text:**Transcription for Educational Website:** --- ### Northern Industries Credit Card Sale Analysis 3) Northern Industries accepted a credit card sale for $14,000. The credit card company charges 2%. - **a.** What is the entry for this transaction on the horizontal equation? - **b.** What is the impact of collecting the payment from the credit card company? (Show the individual accounts impacted in the asset section) **Table for Transaction Analysis:** | Assets | = | Liabilities | + | Stockholders’ Equity | Revenues | - | Expenses | = | Net Income | Cash Flow | |--------|---|-------------|---|----------------------|----------|---|----------|---|------------|-----------| | a. | | | | | | | | | | | | b. | | | | | | | | | | | --- ### Inventory Purchases and Sales for Fraser Company 4) Here are the inventory purchases and sales for Fraser Company: **Inventory Layers Available for Sale:** - **October 1** - Beginning Inventory: \( 14 \, \text{units} \times \$16 \, \text{per unit} = \$224 \) --- *(Document Name: Study Guide - Chapter 5 (with solutions).docx)*
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Accounting equation of the business says that total assets should always be equal to total liabilities and equity balance after every transaction.

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