Solution-Have revenues or expenses in the income statement

Have revenues or expenses in the income statement

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Reference no: EM133006153

Provide the following information, from the business' perspective, for each of the following business transactions. Assume your responses are as of EOD (end of day) on the date of the transaction.

Problem 1. Which portions of the accounting equation changed (i.e. Increase, Decrease, or No Effect)? Have Revenues or Expenses in the Income Statement been affected?

Problem 2. Which specific line-item accounts have been affected (e.g. Cash, Revenues, Accounts Payable, etc.)?

Problem 3. How did each of these line-items change? Increase or decrease? (1) On April 28th, Disney purchases a line of Toy Store toys (to be resold) from a vendor for $50,000 in Cash. (2) On December 30th, 2021, an IT company, Computers R' Us, signs a contract to provide computer and network maintenance to a local school district for three years beginning on January 1st, 2022. No cash or deposit is received as part of the contract signing.

Reference no: EM133006153

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Have revenues or expenses in the income statement

Reference no: EM133006153

Reference no: EM133006153

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