Describe the effects of each transaction on assets, Financial Accounting

Assignment Help:

KAM Computer Timeshare Company entered into the following transactions durnig May 2014
Decribe the effects of each transaction on assets, liabilities, and owner's equity.
1. Purchased computer terminals for $20,000 from Digital Equipment on account
2. Paid $4,000 cash for May rent on storage space
3. Received $17,000 cash from customers for contracts billed in April
4. Performed computer services to Viking Construction Company for $3,000
5. Paid Tri-States Power Co. $11,000 cash for energy usage in May
6. Kam invested in an additional $29,000 in the business
7. Paid Digital Equipment for the terminal purchase in (1) above
8. Incurred advertising expense for May of $1,200 on account.


Related Discussions:- Describe the effects of each transaction on assets

Financial statement with reference to Indian companies, discuss the content...

discuss the content of financial statement with reference to Indian companies?

Determine the growth rate of the nominal money supply, The income elasticit...

The income elasticity of money demand is 2/3. Real income is expected to grow by 4.5% over the next year, and the real interest rate is expected to remain constant over the next ye

Objectives of time value of money, After going through this section, you mu...

After going through this section, you must be capable to: -          Identify the time value of money; -          Know what gives money its time value; -          Identify

Revenue and expense accounts, Are revenue and expense accounts permanent ac...

Are revenue and expense accounts permanent accounts and should not be closed at the end of the accounting period?

Example of annuity, Assume Mr. Ram deposits Rs. 10,000 annually in a bank f...

Assume Mr. Ram deposits Rs. 10,000 annually in a bank for 5 years, at 10 percent compound interest rate. Compute the value of this series of deposits on the end of five years by as

Explain a reduction in expected inflation - prices and wages, Assume that p...

Assume that prices and wages adjust rapidly so that the markets for labor, goods, and assets are always in equilibrium. What are the effects of each of the following on real money

Objectives of inventory management, The twin objectives of inventory manage...

The twin objectives of inventory management are financial and operational. The operational objective implies that the materials and spares would be obtainable in sufficient quantit

List four limitations of ratio analysis, SECTION B QUESTION 2: Tw...

SECTION B QUESTION 2: Two companies Juk Ltd and Roop Ltd operate in the tourism sector. Financial forecasts are provided below: Income Statement for yea

the rate of interest on the gold is too high or too low, Suppose you are ...

Suppose you are a financial manager of Yuen Cheong Manufacturng Company. Due to the rising demand of product X, Yuen Cheong Manufacturng Company decides to open a new production pl

Horizontal analysis - total current liabilities, 1. Complete a horizontal a...

1. Complete a horizontal analysis using the dollar and percent change in the following items from the preceding year to the current year: (one typed page: use a table format with f

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd