Identify how each of the following separate transactions 1 through 10 affects financial statements. For increases, place a “+” and the dollar amount in the column or columns. For decreases, place a “−” and the dollar amount in the column or columns. Some cells may contain both an increase (+) and a decrease (−) along with dollar amounts. The first transaction is completed as an example. Requireda. For the balance sheet, identify how each transaction affects total assets, total liabilities, and total eq-uity. For the income statement, identify how each transaction affects net income.b. For the statement of cash flows, identify how each transaction affects cash flows from operating ac-tivities, cash flows from investing activities, and cash flows from financing activities.b.IncomeBalance SheetStatementStatement of Cash FlowsTotalTotalTotalNetOperatingInvestingFinancingTransactionAssetsLiab.EquityIncomeActivitiesActivitiesActivitiesOwner invests $900 cash in business+900+900+9002Receives $700 cash for services provided3Pays $500 cash for employee wages4Buys $100 of equipment on credit5Purchases $200 of supplies on credit6Buys equipment for $300 cashPays $200 on accounts payable8Provides $400 services on credit9Owner withdraws $50 cash10Collects $400 cash on accounts receivable

Name: Identify how each of the following separate transactions 1 through 10
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Description: Identify how each of the following separate transactions 1 through 10 affects financial statements. For increases, place a “+” and the dollar amount in the column or columns. For decreases, place a “−” and the dollar amount in the column or columns.

Accounting equation is the equation which states the relationship among the stockholders equity,…

Answered: Required a. For the balance sheet,…

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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Identify how each of the following separate transactions 1 through 10 affects financial statements. For increases, place a “+” and the dollar amount in the column or columns. For decreases, place a “−” and the dollar amount in the column or columns. Some cells may contain both an increase (+) and a decrease (−) along with dollar amounts. The first transaction is completed as an example.

Required
a. For the balance sheet, identify how each transaction affects total assets, total liabilities, and total eq-
uity. For the income statement, identify how each transaction affects net income.
b. For the statement of cash flows, identify how each transaction affects cash flows from operating ac-
tivities, cash flows from investing activities, and cash flows from financing activities.
b.
Income
Balance Sheet
Statement
Statement of Cash Flows
Total
Total
Total
Net
Operating
Investing
Financing
Transaction
Assets
Liab.
Equity
Income
Activities
Activities
Activities
Owner invests $900 cash in business
+900
+900
+900
2
Receives $700 cash for services provided
3
Pays $500 cash for employee wages
4
Buys $100 of equipment on credit
5
Purchases $200 of supplies on credit
6
Buys equipment for $300 cash
Pays $200 on accounts payable
8
Provides $400 services on credit
9
Owner withdraws $50 cash
10
Collects $400 cash on accounts receivable

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