The statement of cash flows for Picture Perfect Photography reported the following for the year ended December 31, 2014: Cash flows from financing activities: Dividends (declared and) paid $(8,000) Proceeds from issuance of common shares 14,200 Payments of short-term notes payable (6,700) Payments of long-term notes payable (1,350) Proceeds from issuance of long-term notes payable 2,800 Make the journal entry that Picture Perfect used to record each of these transactions.
The statement of cash flows for Picture Perfect Photography reported the following for the year ended December 31, 2014: Cash flows from financing activities: Dividends (declared and) paid $(8,000) Proceeds from issuance of common shares 14,200 Payments of short-term notes payable (6,700) Payments of long-term notes payable (1,350) Proceeds from issuance of long-term notes payable 2,800 Make the journal entry that Picture Perfect used to record each of these transactions.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The statement of cash flows for Picture Perfect Photography reported the following for
the year ended December 31, 2014:
Cash flows from financing activities:
Dividends (declared and) paid
$(8,000)
Proceeds from issuance of common shares
14,200
Payments of short-term notes payable
(6,700)
Payments of long-term notes payable
(1,350)
Proceeds from issuance of long-term notes payable 2,800
Make the journal entry that Picture Perfect used to record each of these transactions.
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