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Concept explainers
Problem 1-1A Identifying effects of transactions on financial statements A1 P1
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
b. For the statement of
a. | b. | |
Income | ||
Balance Sheet | Statement | Statement of Cash Flows |
Transaction | TotalAssets | Total Llab. | Total Equity | NetIncome | Operating Actlvities | Investing Activities | Financing Activities | |
1 | Owner invests $900 cash in business | +900 | +900 | +900 | ||||
2 | Receives $700 cash for services provided | |||||||
3 | Pays S&00 cash for employee wages | |||||||
4 | Buys $100 of equipment on credit | |||||||
5 | Purchases $200 of supplies on credit | |||||||
6 | Buys equipment for $300 cash | |||||||
7 | Pays $200 on accounts payable | |||||||
8 | Provides $400 services on credit | |||||||
9 | Owner withdraws $50 cash | |||||||
10 | Collects $400 cash on |
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Chapter 1 Solutions
Connect Access Card For Fundamental Accounting Principles
- Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax CollegeFinancial Reporting, Financial Statement Analysis...FinanceISBN:9781285190907Author:James M. Wahlen, Stephen P. Baginski, Mark BradshawPublisher:Cengage Learning
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