Analyzing Transactions Using the Financial Statement Effects Template Hanlon Advertising Company began the current month with the following balance sheet. Cash Noncash assets Liabilities Contributed capital Earned capital Total assets $215,000 Total liabilities and equity $215,000 $80,000 135,000 $70,000 110,000 35,000 Following are summary transactions that occurred during the current month. 1. The company purchased supplies for $7,500 cash; none were used this month. 2. Services of $3,750 were performed this month on credit. 3. Services were performed for $15,000 cash this month. 4. The company purchased advertising for $12,000 cash; the ads will run next month. 5. The company received $1,800 cash as partial payment on accounts receivable from transaction 2. 6. The company paid $5,100 cash toward the accounts payable from the prior month. 7. Paid $4,650 cash toward this month's wages expenses. 8. The company declared and paid dividends of $750 cash.
Analyzing Transactions Using the Financial Statement Effects Template Hanlon Advertising Company began the current month with the following balance sheet. Cash Noncash assets Liabilities Contributed capital Earned capital Total assets $215,000 Total liabilities and equity $215,000 $80,000 135,000 $70,000 110,000 35,000 Following are summary transactions that occurred during the current month. 1. The company purchased supplies for $7,500 cash; none were used this month. 2. Services of $3,750 were performed this month on credit. 3. Services were performed for $15,000 cash this month. 4. The company purchased advertising for $12,000 cash; the ads will run next month. 5. The company received $1,800 cash as partial payment on accounts receivable from transaction 2. 6. The company paid $5,100 cash toward the accounts payable from the prior month. 7. Paid $4,650 cash toward this month's wages expenses. 8. The company declared and paid dividends of $750 cash.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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