Transaction: Net Income Total Assets Total Liabilities Total Equity Where can you go to find each of your answers? Balance sheet Income statement Balance sheet Balance sheet April 1 Smith invests $83,000 cash along with office equipment valued at $26,500 in the company. $0 $109,500 $0 $109,500 April 2 The company prepaid $9,600 cash for 12 months’ rent for office space. The company's policy is record prepaid expenses in balance sheet accounts. 0 109,500 0 109,500 April 3 The company made credit purchases for $8,100 in office equipment and $3,700 in office supplies. Payment is due within 10 days. April 6 The company completed services for a client and immediately received $4,300 cash. April 9 The company completed a $6,500 project for a client, who must pay within 30 days. April 13 The company paid $11,800 cash to settle the account payable created on April 3. April 19 The company paid $2,640 cash for the premium on a 12-month insurance policy. The company's policy is to record prepaid expenses in balance sheet accounts. April 22 The company received $3,900 cash as partial payment for the work completed on April 9. April 25 The company completed work for another client for $4,000 on credit. April 28 Smith withdrew $5,600 cash from the company for personal use. April 29 The company purchased $700 of additional office supplies on credit. April 30 The company paid $500 cash for this month’s utility bill.
Transaction: Net Income Total Assets Total Liabilities Total Equity Where can you go to find each of your answers? Balance sheet Income statement Balance sheet Balance sheet April 1 Smith invests $83,000 cash along with office equipment valued at $26,500 in the company. $0 $109,500 $0 $109,500 April 2 The company prepaid $9,600 cash for 12 months’ rent for office space. The company's policy is record prepaid expenses in balance sheet accounts. 0 109,500 0 109,500 April 3 The company made credit purchases for $8,100 in office equipment and $3,700 in office supplies. Payment is due within 10 days. April 6 The company completed services for a client and immediately received $4,300 cash. April 9 The company completed a $6,500 project for a client, who must pay within 30 days. April 13 The company paid $11,800 cash to settle the account payable created on April 3. April 19 The company paid $2,640 cash for the premium on a 12-month insurance policy. The company's policy is to record prepaid expenses in balance sheet accounts. April 22 The company received $3,900 cash as partial payment for the work completed on April 9. April 25 The company completed work for another client for $4,000 on credit. April 28 Smith withdrew $5,600 cash from the company for personal use. April 29 The company purchased $700 of additional office supplies on credit. April 30 The company paid $500 cash for this month’s utility bill.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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