M2-6 (Algo) Determining Financial Statement Effects of Several Transactions [LO2-3]Following are the transactions of JonesSpa Corporation, for the month of January.a. Borrowed $28,000 from a local bank; the loan is due in 9 months.b. Lent $8.300 to an affiliate; accepted a note due in one year.c. Sold to Investors 60 additional shares of stock with a par value of $0.10 per share and a market price of $15 per share; receivedcash.d. Purchased $21,500 of equipment, paying $4.900 cash and signing a note for the rest due in one year.e. Declared $3.700 In cash dividends to stockholders, to be paid in February.For each of the above transactions, indicate the accounts and amounts. A sample is provided.Note: Enter decreases to an element of the balance sheet with a minus sign.Cashib. Notes receivableانه نهان نه اماAssets28,000 = Notes payable8,300 =#Liabilities28,000 ++++17++Stockholders' Equity

ACCOUNTING EQUATIONAccounting Equation is a Financial Accounting Technique which represents the…

M2-6 (Algo) Determining Financial Statement Effects of Several Transactions [LO2-3] Following are the transactions of JonesSpa Corporation, for the month of January. a. Borrowed $28.000 from a local bank; the loan is due in 9 months. b. Lent $8.300 to an affiliate; accepted a note due in one year. c. Sold to Investors 60 additional shares of stock with a par value of $0.10 per share and a market price of $15 per share, received cash. For each of the above transactions, indicate the accounts and amounts. A sample is provided. Note: Enter decreases to an element of the balance sheet with a minus sign. a b b C C. d d. e e. d. Purchased $21,500 of equipment, paying $4.900 cash and signing a note for the rest due in one year. e. Declared $3.700 In cash dividends to stockholders, to be paid in February. Cash Notes receivable Assets 28,000 = Notes payable 8,300 = |||||| HE H Liabilities 28,000 + + Stockholders Equity

M2-6 (Algo) Determining Financial Statement Effects of Several Transactions [LO2-3] Following are the transactions of JonesSpa Corporation, for the month of January. a. Borrowed $28.000 from a local bank; the loan is due in 9 months. b. Lent $8.300 to an affiliate; accepted a note due in one year. c. Sold to Investors 60 additional shares of stock with a par value of $0.10 per share and a market price of $15 per share, received cash. For each of the above transactions, indicate the accounts and amounts. A sample is provided. Note: Enter decreases to an element of the balance sheet with a minus sign. a b b C C. d d. e e. d. Purchased $21,500 of equipment, paying $4.900 cash and signing a note for the rest due in one year. e. Declared $3.700 In cash dividends to stockholders, to be paid in February. Cash Notes receivable Assets 28,000 = Notes payable 8,300 = |||||| HE H Liabilities 28,000 + + Stockholders Equity

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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Questions: 1. Accounts receivable turnover (assume all sales are on account) 2. Average collection period