
Concept explainers
Ascertain the unknown amount in each of the following situations given.

Explanation of Solution
Transaction analysis:
Transaction analysis is an economic event that causes impact on the value of the assets, liabilities or
Calculate the unknown amount for each of the following situations:
a. Total cash received (1) $2,550
b. Total cash collected from credit customers (2) $17,700.
c. Notes payable repaid during the period (3) $27,000.
d. Goods and services received from suppliers on account (4) $340.
e. Net income, assuming that no dividends were paid (5) $7,000.
Working note:
Calculate the total cash received:
Calculate the amount of cash collected from credit customers:
Calculate the amount of notes payable repaid during the period:
Calculate the amount of goods and services received from suppliers on account:
Calculate the amount of net income (assuming that no dividends were paid)
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Chapter 2 Solutions
Financial Accounting for Undergraduates
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