General Questions: Accounting Equation and Revenue - Expense For the following business events, please indicate the increase (+) or decrease (-) on the following income statement and balance sheet categories. If there is no effect, leave the box blank. If there is no entry required, clearly write "NO ENTRY" across the boxes. Stock- Holder's Assets Liabilities Equity Revenue Expense Example: Saleries paid in cash during the period L. 1. Services are performed but customer not billed. L 2. Utility bill is received but is not due until next month. 3. An employee is hired to start work next week. 4. During a period of rising prices, the company switches from FIFO to LIFO (financial statement difference). 5. Under the allowance method, a customer account is written-off as uncollectible. 6. An entry is made at year-end to record depreciation. 7. Employer's payroll taxes are recorded for the pay period. 8. Common stock with a par value of $10 is issued for $45 per share 9. A dividend of $0.50 per share is declared. 10. A company issues $10,000,000 of bonds at a discount.
General Questions: Accounting Equation and Revenue - Expense For the following business events, please indicate the increase (+) or decrease (-) on the following income statement and balance sheet categories. If there is no effect, leave the box blank. If there is no entry required, clearly write "NO ENTRY" across the boxes. Stock- Holder's Assets Liabilities Equity Revenue Expense Example: Saleries paid in cash during the period L. 1. Services are performed but customer not billed. L 2. Utility bill is received but is not due until next month. 3. An employee is hired to start work next week. 4. During a period of rising prices, the company switches from FIFO to LIFO (financial statement difference). 5. Under the allowance method, a customer account is written-off as uncollectible. 6. An entry is made at year-end to record depreciation. 7. Employer's payroll taxes are recorded for the pay period. 8. Common stock with a par value of $10 is issued for $45 per share 9. A dividend of $0.50 per share is declared. 10. A company issues $10,000,000 of bonds at a discount.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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General Questions :
Transcribed Image Text:General Questions: Accounting Equation and Revenue - Expense
For the following business events, please indicate the increase (+) or decrease (-) on the following
income statement and balance sheet categories. If there is no effect, leave the box blank. If there
is no entry required, clearly write "NO ENTRY" across the boxes.
Stock-
Holder's
Assets
Liabilities
Equity Revenue Expense
Example: Saleries paid in cash during the
period
1. Services are performed but customer not
billed.
2. Utility bill is received but is not due until
next month.
3. An employee is hired to start work next
week.
4. During a period of rising prices, the
company switches from FIFO to LIFO
(financial statement difference).
5. Under the allowance method, a
customer account is written-off as
uncollectible.
6. An entry is made at year-end to record
depreciation.
7. Employer's payroll taxes are recorded for
the pay period.
8. Common stock with a par value of $10 is
issued for $45 per share
9. A dividend of $0.50 per share is declared.
10. A company issues $10,000,000 of
bonds at a discount.
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