Transactions that affect earnings do not necessarily affect cash. Identify the effect, if any, that each of

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Transactions that affect earnings do not necessarily affect cash. Identify the effect, if any, that each of the following transactions would have upon cash and net income.

The first transaction has been completed as an example.image text in transcribed

(a) Purchased $100 of supplies for cash.

(b) Recorded an adjusting entry to record use of $20 of the above supplies.

(c) Made sales of $1,300, all on account.

(d) Received $800 from customers in payment of their accounts.

(e) Purchased equipment for cash, $2,500.

(f) Recorded depreciation of building for period used, $600.

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Accounting Tools For Business Decision Making

ISBN: 9780470534786

4th Edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

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