Carla Vista Paint Distributors uses a perpetual inventory system. The company had the following transactions in...
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Carla Vista Paint Distributors uses a perpetual inventory system. The company had the following transactions in March. Sold $15.000 of merchandise to Fresh Look Paint Stores, terms 2/10, n/30, FOB destication. The merchandise had cost Central Paint Distributors $8,800. Paid freight costs of $160 for the March 16 sale. Gave Fresh Look Paint Stores an allowance of $800 for the March 16 sale. There was some minor damage to the goods. Collected the balance due from Fresh Look Paint Stores. Mar. 16 17 18 25 For each transaction, indicate the amount by which the transaction increased or decreased total assets, total liabilities, and owner's equity. Indicate No Effect if the transaction neither increased nor decreased any of these items. Date Mar. 16 Mar. 16 Mar. 17 Mar. 18 Mar. 25 Accounts Receivable $15,000- Assets Merchandise Inventory-$8.800 Cash-$160 Accounts Receivable $800 Cash+$13.916 Accounts Receivable-$14,200- eTextbook and Media Liabilities Accounts Payable + $8,800 Accounts Payable - $8,800 Accounts Payable +$14.200 Accounts Payable $14,200 Accounts Receivable + $15,000 Accounts Receivable $15,000 Accounts Receivable $8001 Accounts Receivable-$800 Accounts Receivable - $14,200 Accounts Receivable $14,200 Accounts Receivable+$284 Accounts Receivable $284 Cash+$8.800 Cash-$8,800 Cash $160 Cash $160 Cash $13,916 Cash-$13.916 Merchandise Inventory+$8,800 Owner's Equity No Effect No Effect No Effect No Effect Y No Effect V For each transaction, indicate the amount by which the transaction increased or decreased total assets, total liabilities, and owner's equity, Indicate No Effect if the transaction neither increased nor decreased any of these items. Date Mar. 16 Accounts Receivable + $15,000 Accounts Payable + $8,800 Accounts Payable-$8,800 Accounts Payable $14,200 Accounts Payable $14,200 Accounts Receivable + $15,000 Accounts Receivable-$15.000 Accounts Receivable + $800 Accounts Receivable-$800 Accounts Receivable +$14,200 Accounts Receivable $14.200 Accounts Receivable $284 Accounts Receivable-$284 Cash $8,800 Cash- $8,800 Cash $160 Cash-$160 eTextbook Cash $13,916 Cash-$13,916 Merchandise Inventory $8,800 - Mar. 16 Mar. 17 Mar. 181 Mar. 25 Assets List of Accounts Q Search Liabilities Cash $160 D I C Owner's Equity No Effect No Effect No Effect No Effect No Effect Y For each transaction, indicate the amount by which the transaction increased or decreased total assets, total liabilities, and owner's equity. Indicate No Effect if the transaction neither increased nor decreased any of these items. Date Mar. 16 Mar. 16 Mar. 17 Mar. 18. Mar. 25 Accounts Receivable+ $15,000 Assets Merchandise Inventory-$8,800 V Cash $160 Accounts Receivable $800 Cash $13.916 Accounts Receivable $14.200 eTextbook and Media. Liabilities Cash-$160 Owner's Equity No Effect +$8,800 $8.800 +$15,000 -$15,000 -5800 $800 +$14,200 $14,200 +$284 -$284 +$160 $160 $13,916 $13.916 No Effect Carla Vista Paint Distributors uses a perpetual inventory system. The company had the following transactions in March. Sold $15.000 of merchandise to Fresh Look Paint Stores, terms 2/10, n/30, FOB destication. The merchandise had cost Central Paint Distributors $8,800. Paid freight costs of $160 for the March 16 sale. Gave Fresh Look Paint Stores an allowance of $800 for the March 16 sale. There was some minor damage to the goods. Collected the balance due from Fresh Look Paint Stores. Mar. 16 17 18 25 For each transaction, indicate the amount by which the transaction increased or decreased total assets, total liabilities, and owner's equity. Indicate No Effect if the transaction neither increased nor decreased any of these items. Date Mar. 16 Mar. 16 Mar. 17 Mar. 18 Mar. 25 Accounts Receivable $15,000- Assets Merchandise Inventory-$8.800 Cash-$160 Accounts Receivable $800 Cash+$13.916 Accounts Receivable-$14,200- eTextbook and Media Liabilities Accounts Payable + $8,800 Accounts Payable - $8,800 Accounts Payable +$14.200 Accounts Payable $14,200 Accounts Receivable + $15,000 Accounts Receivable $15,000 Accounts Receivable $8001 Accounts Receivable-$800 Accounts Receivable - $14,200 Accounts Receivable $14,200 Accounts Receivable+$284 Accounts Receivable $284 Cash+$8.800 Cash-$8,800 Cash $160 Cash $160 Cash $13,916 Cash-$13.916 Merchandise Inventory+$8,800 Owner's Equity No Effect No Effect No Effect No Effect Y No Effect V For each transaction, indicate the amount by which the transaction increased or decreased total assets, total liabilities, and owner's equity, Indicate No Effect if the transaction neither increased nor decreased any of these items. Date Mar. 16 Accounts Receivable + $15,000 Accounts Payable + $8,800 Accounts Payable-$8,800 Accounts Payable $14,200 Accounts Payable $14,200 Accounts Receivable + $15,000 Accounts Receivable-$15.000 Accounts Receivable + $800 Accounts Receivable-$800 Accounts Receivable +$14,200 Accounts Receivable $14.200 Accounts Receivable $284 Accounts Receivable-$284 Cash $8,800 Cash- $8,800 Cash $160 Cash-$160 eTextbook Cash $13,916 Cash-$13,916 Merchandise Inventory $8,800 - Mar. 16 Mar. 17 Mar. 181 Mar. 25 Assets List of Accounts Q Search Liabilities Cash $160 D I C Owner's Equity No Effect No Effect No Effect No Effect No Effect Y For each transaction, indicate the amount by which the transaction increased or decreased total assets, total liabilities, and owner's equity. Indicate No Effect if the transaction neither increased nor decreased any of these items. Date Mar. 16 Mar. 16 Mar. 17 Mar. 18. Mar. 25 Accounts Receivable+ $15,000 Assets Merchandise Inventory-$8,800 V Cash $160 Accounts Receivable $800 Cash $13.916 Accounts Receivable $14.200 eTextbook and Media. Liabilities Cash-$160 Owner's Equity No Effect +$8,800 $8.800 +$15,000 -$15,000 -5800 $800 +$14,200 $14,200 +$284 -$284 +$160 $160 $13,916 $13.916 No Effect
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Related Book For
Accounting Principles
ISBN: 978-1119048503
7th Canadian Edition Volume 1
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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