(a) Record the effects of each transaction using the financial statement effects template. Use negative signs with your answers, when appropriate. Transaction Beginning bal. 1 2 3 4 LO 5 10 6 7 8 Ending balance Cash Asset 0 0 0 0 0 0 0 0 0 0 + Noncash Assets 0 0 0 0 0 0 0 0 0 0 Balance Sheet = Liabilities + 0 0 0 0 0 0 0 0 0 0 Contributed Capital 0 0 0 0 0 0 0 0 0 0 Earned + Capital 0 0 0 0 0 0 0 0 0 0 Revenue Income Statement 0 0 0 0 0 0 0 0 0 0 Expenses 0 0 0 0 0 0 0 0 0 0 Net Income 0 0 0 0 0 0 0 0 0 0 Analyzing Transactions Using the Financial Statement Effects Template Hanlon Advertising Company began the current month with the following balance sheet. Cash $ 80,000 Noncash assets 135,000 Liabilities $ 70,000 110,000 35,000 Contributed capital Earned capital Total assets $215,000 Total liabilities and equity $215,000 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.
(a) Record the effects of each transaction using the financial statement effects template. Use negative signs with your answers, when appropriate. Transaction Beginning bal. 1 2 3 4 LO 5 10 6 7 8 Ending balance Cash Asset 0 0 0 0 0 0 0 0 0 0 + Noncash Assets 0 0 0 0 0 0 0 0 0 0 Balance Sheet = Liabilities + 0 0 0 0 0 0 0 0 0 0 Contributed Capital 0 0 0 0 0 0 0 0 0 0 Earned + Capital 0 0 0 0 0 0 0 0 0 0 Revenue Income Statement 0 0 0 0 0 0 0 0 0 0 Expenses 0 0 0 0 0 0 0 0 0 0 Net Income 0 0 0 0 0 0 0 0 0 0 Analyzing Transactions Using the Financial Statement Effects Template Hanlon Advertising Company began the current month with the following balance sheet. Cash $ 80,000 Noncash assets 135,000 Liabilities $ 70,000 110,000 35,000 Contributed capital Earned capital Total assets $215,000 Total liabilities and equity $215,000 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
Related questions
Question
Transcribed Image Text:(a) Record the effects of each transaction using the financial statement effects template.
Use negative signs with your answers, when appropriate.
Transaction
Beginning bal.
1
2
3
4
LO
5
10
6
7
8
Ending balance
Cash
Asset
0
0
0
0
0
0
0
0
0
0
+
Noncash
Assets
0
0
0
0
0
0
0
0
0
0
Balance Sheet
= Liabilities +
0
0
0
0
0
0
0
0
0
0
Contributed
Capital
0
0
0
0
0
0
0
0
0
0
Earned
+ Capital
0
0
0
0
0
0
0
0
0
0
Revenue
Income Statement
0
0
0
0
0
0
0
0
0
0
Expenses
0
0
0
0
0
0
0
0
0
0
Net
Income
0
0
0
0
0
0
0
0
0
0
Transcribed Image Text:Analyzing Transactions Using the Financial Statement Effects Template
Hanlon Advertising Company began the current month with the following balance sheet.
Cash
$ 80,000
Noncash assets 135,000
Liabilities $ 70,000
110,000
35,000
Contributed capital
Earned capital
Total assets $215,000 Total liabilities and equity $215,000
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.
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