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Seth Feye established Reliance Financial Services on July 1, 20Y2. Reliance Financial Services offers financial planning advice to its clients. The effect of each transaction and the balances after each transaction for July follow: Assets =Liabilities + Stockholders' Equity Accounts Accounts Common Fees Salaries Rent Auto Supplies Misc. Cash +Receivable + Supplies = Payable + Stock - Dividends + Earned - Expense - Expense - Expense - Expense - Expense a. +53,000 +53,000 b. +6,000 +6,000 Bal. 53,000 6,000 6,000 53,000 C. -3,500 -3,500 Bal. 49,500 6,000 2,500 53,000 d. +108,000 +108,000 Bal. 157,500 6,000 2,500 53,000 108,000 e. -33,400 -33,400 Bal. 124,100 6,000 2,500 53,000 108,000 -33,400 f. -21,100 -5,900 -15,200

Seth Feye established Reliance Financial Services on July 1, 20Y2. Reliance Financial Services offers financial planning advice to its clients. The effect of each transaction and the balances after each transaction for July follow: Assets =Liabilities + Stockholders' Equity Accounts Accounts Common Fees Salaries Rent Auto Supplies Misc. Cash +Receivable + Supplies = Payable + Stock - Dividends + Earned - Expense - Expense - Expense - Expense - Expense a. +53,000 +53,000 b. +6,000 +6,000 Bal. 53,000 6,000 6,000 53,000 C. -3,500 -3,500 Bal. 49,500 6,000 2,500 53,000 d. +108,000 +108,000 Bal. 157,500 6,000 2,500 53,000 108,000 e. -33,400 -33,400 Bal. 124,100 6,000 2,500 53,000 108,000 -33,400 f. -21,100 -5,900 -15,200

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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4. Prepare a statement of cash flows for the month ending July 31, 20Y2. Refer to the lists of Accounts, Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. Use the minus sign to indicate cash outflows, cash payments and decreases in cash. You will not need to enter colons (:) on the financial statements. If an amount is zero, enter "0".
On July 1, 20Y2, Seth Feye established Reliance Financial Services, a firm providing financial planning advice to its clients. The table below illustrates the effect of various transactions on the firm's financial statements throughout July, showing the balances after each transaction. ### Transaction Summary and Balances | | Assets | =Liabilities | + Stockholders' Equity | |:-:|---------------------------------------------------------------------------------------------------------|--------------------------------------|------------------------------------------------------------------------------------------------------------------| | | Accounts | Accounts | Common | Fees | Salaries | Rent | Auto | Supplies | Misc. | | | Cash | +Receivable | + Supplies | = Payable | + Stock | - Dividends | + Earned | - Expense | - Expense | - Expense | - Expense | - Expense| |---|--------|--------------|--------------|------------|-------------------|-------------|-----------|------------|------------|-----------|-----------|----------| | a | +53,000| | | | +53,000 | | | | | | | | | b | | +6,000 | +6,000 | | | | | | | | | | |Bal| 53,000 | 6,000 | 6,000 | | 53,000 | | | | | | | | | c | -3,500 | | | -3,500 | | | | | | | | | |Bal| 49,500 | 6,000 | 6,000 | 2,500 | 53,000 | | | | | | | | | d | +108,000| | | | | | | +108,000 | | | | | |Bal| 157,500| 6,000 | 6,000 | 2,500 | 53,000 | | | 108,000 | | | | | | e | -33,400| | | | | | | |
Transcribed Image Text:On July 1, 20Y2, Seth Feye established Reliance Financial Services, a firm providing financial planning advice to its clients. The table below illustrates the effect of various transactions on the firm's financial statements throughout July, showing the balances after each transaction. ### Transaction Summary and Balances | | Assets | =Liabilities | + Stockholders' Equity | |:-:|---------------------------------------------------------------------------------------------------------|--------------------------------------|------------------------------------------------------------------------------------------------------------------| | | Accounts | Accounts | Common | Fees | Salaries | Rent | Auto | Supplies | Misc. | | | Cash | +Receivable | + Supplies | = Payable | + Stock | - Dividends | + Earned | - Expense | - Expense | - Expense | - Expense | - Expense| |---|--------|--------------|--------------|------------|-------------------|-------------|-----------|------------|------------|-----------|-----------|----------| | a | +53,000| | | | +53,000 | | | | | | | | | b | | +6,000 | +6,000 | | | | | | | | | | |Bal| 53,000 | 6,000 | 6,000 | | 53,000 | | | | | | | | | c | -3,500 | | | -3,500 | | | | | | | | | |Bal| 49,500 | 6,000 | 6,000 | 2,500 | 53,000 | | | | | | | | | d | +108,000| | | | | | | +108,000 | | | | | |Bal| 157,500| 6,000 | 6,000 | 2,500 | 53,000 | | | 108,000 | | | | | | e | -33,400| | | | | | | |
Here is the transcription of the given table for an educational website: --- ### Financial Transactions Record This table presents a series of financial transactions, showing balances and various line items. | **Balance** | **103,000** | **6,000** | **2,500** | **53,000** | **108,000** | **-33,400** | **-15,200** | **-5,900** | |-------------|--------------|-----------|-----------|------------|-------------|-------------|-------------|------------| | **g.** | -59,000 | | | | | | | | | **Balance** | 44,000 | 6,000 | 2,500 | 53,000 | 108,000 | -59,000 | -33,400 | -15,200 | -5,900 | | **h.** | -3,900 | | | | | | | | | **Balance** | 44,000 | 2,100 | 2,500 | 53,000 | 108,000 | -59,000 | -33,400 | -15,200 | -5,900 | | **i.** | +50,100 | | | | | | | | | **Balance** | 44,000 | 50,100 | 2,100 | 2,500 | 53,000 | 158,100 | -59,000 | -33,400 | -15,200 | -5,900 | | **j.** | -12,500 | | | | | | | | | **Balance** | 31,500 | 50,100 | 2,100 | 2,500 | 53,000 | -12,500 | 158,100 | -59,000 | -33,400 | -15,200 | -5,900 | #### Explanation: - Each row labeled "Balance" shows a running total after the respective transactions (g, h, i, j). -
Transcribed Image Text:Here is the transcription of the given table for an educational website: --- ### Financial Transactions Record This table presents a series of financial transactions, showing balances and various line items. | **Balance** | **103,000** | **6,000** | **2,500** | **53,000** | **108,000** | **-33,400** | **-15,200** | **-5,900** | |-------------|--------------|-----------|-----------|------------|-------------|-------------|-------------|------------| | **g.** | -59,000 | | | | | | | | | **Balance** | 44,000 | 6,000 | 2,500 | 53,000 | 108,000 | -59,000 | -33,400 | -15,200 | -5,900 | | **h.** | -3,900 | | | | | | | | | **Balance** | 44,000 | 2,100 | 2,500 | 53,000 | 108,000 | -59,000 | -33,400 | -15,200 | -5,900 | | **i.** | +50,100 | | | | | | | | | **Balance** | 44,000 | 50,100 | 2,100 | 2,500 | 53,000 | 158,100 | -59,000 | -33,400 | -15,200 | -5,900 | | **j.** | -12,500 | | | | | | | | | **Balance** | 31,500 | 50,100 | 2,100 | 2,500 | 53,000 | -12,500 | 158,100 | -59,000 | -33,400 | -15,200 | -5,900 | #### Explanation: - Each row labeled "Balance" shows a running total after the respective transactions (g, h, i, j). -
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