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In this exercise you purchase machines for $500 and resell them for $1000. Business Transactions Prepay $500 for rental of store Receive store rental invoice Purchase 5 machines on credit Sell 3 machines on credit Pay owners salary of $1000/month Pay $2500 invoice for 5 machines purchased Receive cash payment for sale on credit Sell 2 machines for cash Accounting Transactions Income Statement Cost of Revenues Revenues SG&A Net Income Cash Accounts Receivable Balance Sheet Inventory Prepaid Rent Accounts Payable Change in Assets= $ ssssss Change in Liabilities - $ - $ - $ $ $ $ $ $ + Change in Equity $ $ - S $ $ $ - $ $ $

In this exercise you purchase machines for $500 and resell them for $1000. Business Transactions Prepay $500 for rental of store Receive store rental invoice Purchase 5 machines on credit Sell 3 machines on credit Pay owners salary of $1000/month Pay $2500 invoice for 5 machines purchased Receive cash payment for sale on credit Sell 2 machines for cash Accounting Transactions Income Statement Cost of Revenues Revenues SG&A Net Income Cash Accounts Receivable Balance Sheet Inventory Prepaid Rent Accounts Payable Change in Assets= $ ssssss Change in Liabilities - $ - $ - $ $ $ $ $ $ + Change in Equity $ $ - S $ $ $ - $ $ $

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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319 In this exercise you purchase machines for $500 and resell them for $1000. 320 321 322 323 324 325 326 327 328 329 330 331 332 333 334 Business Transactions Prepay $500 for rental of store Receive store rental invoice Purchase 5 machines on credit Sell 3 machines on credit Pay owners salary of $1000/month Pay $2500 invoice for 5 machines purchased Receive cash payment for sale on credit Sell 2 machines for cash Accounting Transactions Income Statement Cost of Revenues Revenues SG&A Net Income $ $ $ $ $ $ $ $ Cash Accounts Receivable Balance Sheet Inventory Prepaid Rent Accounts Payable $ Change in Assets = $ $ $ $ $ $ $ Change in Liabilities $ $ - - $ - $ - $ $ $ $ + Change in Equity $ - $ - $ - $ - $ - $ $ $
Transcribed Image Text:319 In this exercise you purchase machines for $500 and resell them for $1000. 320 321 322 323 324 325 326 327 328 329 330 331 332 333 334 Business Transactions Prepay $500 for rental of store Receive store rental invoice Purchase 5 machines on credit Sell 3 machines on credit Pay owners salary of $1000/month Pay $2500 invoice for 5 machines purchased Receive cash payment for sale on credit Sell 2 machines for cash Accounting Transactions Income Statement Cost of Revenues Revenues SG&A Net Income $ $ $ $ $ $ $ $ Cash Accounts Receivable Balance Sheet Inventory Prepaid Rent Accounts Payable $ Change in Assets = $ $ $ $ $ $ $ Change in Liabilities $ $ - - $ - $ - $ $ $ $ + Change in Equity $ - $ - $ - $ - $ - $ $ $
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