Record the following transactions in the financial statement

Reference no: EM131020743

Consider the three transactions shown in the financial statement effects template, below. Match each transaction to the descriptions that follow.

Balance Sheet

Income Statement

Transaction

Cash Asset

Noncash Assets

Liabil-

ities

Contrib. Capital

Earned

Capital

Rev-enues

–

Expen-ses

Net

Income

-75

–

-75

–

-75

–

-75

a. Services of $75 were performed for cash.

b. Inventory of $75 was purchased for cash.

c. Wages of $75 were accrued at the end of the period.

d. Wages of $75 were paid in cash.

Transaction	Description (a, b, c, or d)
#1
#2
#3

Record the following transactions in the financial statements effects template below.

Balance Sheet

Income Statement

Transaction

Cash Asset

Noncash Assets

Liabil-

ities

Contrib. Capital

Earned

Capital

Rev-enues

–

Expen-ses

Net

Income

Purchase $10,000 of inventory on credit

–

Sell all inventory for $18,000 on account

–

Collect $4,000 cash for accounts receivable

–

Pay $6,000 cash toward accounts payable

–

Reference no: EM131020743

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