How much paid in salaries to employees with cash

Assignment Help Cost Accounting

Reference no: EM13215101

Show the effects on the financial statements using a horizontal statement model as outlined below.

1 Sold $30,000 in merchandise for cash
2 Paid $5,000 for rent with cash
3 Paid $10,000 in salaries to employees with cash
4 Sold $25,000 in merchandise and customer paid on credit
5 Collected $10,000 cash for transaction
6 Purchased a building for $100,000 and took out a loan for the money
7 Paid $1,200 for insurance

Balance Sheet Income Statement
Owner's Net
Event No. Assets = Liabilities + Equity Revenue - Expenses = Income
1 30,000 = + 30,000 30,000 - - = 30,000
2 = + - = -
3 = + - = -
4 = + - = -
5 = + - = -
6 = + - = -
7 = + - = -

Reference no: EM13215101

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