SURVEY OF ACCOUNTING-ACCESS
SURVEY OF ACCOUNTING-ACCESS
4th Edition
ISBN: 9780077631536
Author: Thomas Edmonds
Publisher: McGraw-Hill Education
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Chapter 3, Problem 8Q

8. What are the effects of the following types of transactions on the accounting equation? Also identify the financial statements affected. (Assume that the perpetual inventory system is used.)

  1. a. Acquisition of cash from the issue of common stock.
  2. b. Contribution of inventory by an owner of a company.
  3. c. Purchase of inventory with cash by a company.
  4. d. Sale of inventory for cash.
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The following data were selected from the records of Fluwars Company for the year ended December 31, current year:   Balances at January 1, current year:     Accounts receivable (various customers) $ 111,500 Allowance for doubtful accounts   11,200     The company sold merchandise for cash and on open account with credit terms 1/10, n/30, without a right of return.   The following transactions occurred during the current year: Sold merchandise for cash, $252,000. Sold merchandise to Abbey Corp; invoice amount, $36,000. Sold merchandise to Brown Company; invoice amount, $47,600. Abbey paid the invoice in (b) within the discount period. Sold merchandise to Cavendish Inc.; invoice amount, $50,000. Collected $113,100 cash from customers for credit sales made during the year, all within the discount periods. Brown paid its account in full within the discount period. Sold merchandise to Decca Corporation; invoice amount, $42,400. Cavendish paid its account in full after the…
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SURVEY OF ACCOUNTING-ACCESS

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