Explain how each of the following events or series of

Reference no: EM13584219

Explain how each of the following events or series of events and the related adjusting entry will affect the amount of net income and the amount of cash flow from operating activities reported on the year-end financial statements. Identify the direction of change ( increase, decrease, or NA) and the amount of change.

A. Aquired $60,000 cash from the issue of common stock.

B. Earned $20,000 of revenue on account. Collected $15,000 cash from accounts recievable.

C. Paid $4,800 cash on October 1 to purchase a one year insurance policy.

D. Collected $12,000 in advance for services to be performed in the future. The contract called for services to start on August 1 and to continue for one year.

E. Accrued salaries amounting $5,000.

F. Sold land that cost $15,000 for $15,000 cash.

G. Provided services for $9,200 cash.

H. Purchased $2000 of supplies on account. Paid $1,500 cash on accounts payable. The ending balance in the Supplies account, after adjustment was $800.

I. Paid cash for other operating expenses of $2,200.

Reference no: EM13584219

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