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Concept explainers
Problem 1-1B 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 Liab. | Total Equity | NetIncome | Operating Activities | Investing Activities | Financing Activities | |
1 | Owner invests $800 cash in business | +800 | +800 | +800 | ||||
2 | Purchases $100 of supplies on credit | |||||||
3 | Buys equipment for $400 cash | |||||||
4 | Provides services for $900 cash | |||||||
5 | Pays $400 cash for rent incurred | |||||||
6 | Buys $200 of equipment or credit | |||||||
7 | Pays $300 cash for wages incurred | |||||||
8 | Owner withdraws $50 cash | |||||||
Provides $600 services on credit | ||||||||
10 | Collects $600 cash on |
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Chapter 1 Solutions
Connect Access Card For Fundamental Accounting Principles
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- Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax CollegeFinancial Accounting: The Impact on Decision Make...AccountingISBN:9781305654174Author:Gary A. Porter, Curtis L. NortonPublisher:Cengage Learning
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