Listed below are cight transactions the Foster Corporation imade during November: LO3 EXERCISE 3.9 Elfocts of a. Issucd stock in exchange for cash. LI6 Transactions on the Financial Stlatemonts b. Purchased land. Made partial payment with cash and issued a note payable for the remaining balance. с. Recorded utilities expense for Novembet. l'ayment is due in mid December. L07 d. Purchased office supplics with cash. Paid outstanding salaries payable owed to employces for wages earned in October с. f. Declared a cash dividend that will not be paid until late December. R. Sold land for cash at an amount equal to thc land's historical cost. h. Collected cash on account from customers for services pruviided in September and October Indicate the effects of the above trunsactions on cach of thıe financial statement elerments shoanin the column headings below. Use the following symbols: I = Increase, D Decrease, and NE = na effect. Transaction Net Income Assets Llabilitles Equlty R. b. C. d. е. f. g. h.
Listed below are cight transactions the Foster Corporation imade during November: LO3 EXERCISE 3.9 Elfocts of a. Issucd stock in exchange for cash. LI6 Transactions on the Financial Stlatemonts b. Purchased land. Made partial payment with cash and issued a note payable for the remaining balance. с. Recorded utilities expense for Novembet. l'ayment is due in mid December. L07 d. Purchased office supplics with cash. Paid outstanding salaries payable owed to employces for wages earned in October с. f. Declared a cash dividend that will not be paid until late December. R. Sold land for cash at an amount equal to thc land's historical cost. h. Collected cash on account from customers for services pruviided in September and October Indicate the effects of the above trunsactions on cach of thıe financial statement elerments shoanin the column headings below. Use the following symbols: I = Increase, D Decrease, and NE = na effect. Transaction Net Income Assets Llabilitles Equlty R. b. C. d. е. f. g. h.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Purchased land. Made partial payment with cash and issued a note payable for the remaining
Listed below are cight transactions the Foster Corporation made during November:
L03 EXERCISE 3.9
Ellacts of
a.
Issucd stock in exchange for cash.
L06 Transactions on the
Financial Statemonts
b.
balance.
с.
Reconded utilities expense for Novembe. l'ayment is due in mid-December
LO7
d. Purchased office supplics with cash.
Paid outstanding salaries payable owed to enployces for wages earned in October
с.
f.
Declared a cash dividend that will not be paid until late December.
g.
Sold land for cash at an amount equal to the land's historical cost.
h. Collected cash on account from customers for services provided in September and October
Indicate the effects of the above trunsactions on cach of the financial statement elernents shounin
the column headings below. Use the following symbols: 1 = Increase, D Decrease, and NE = na
effect.
Assets
Llabilit
Equlty
Transaction
Net Income
A.
b.
C.
d.
е.
f.
g.
h.
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