b. On May 1, land was purchased for $46,200. A 30% down payment as made, and an 18-month, 10% note was signed for the remainder. Activity Financing Accounts Land Increase, Cash Decrease, Notes Payable Decrease Statements Balance Sheet and Income Statement How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, le, a decrease, be sure to enter the answer with a minus sign Balance Sheet Stockholders' Assets Liabilities Equity Revenues No Entry Notes Payable Cash No Entry Income Statement Net Expenses = Income c. Polly's returned $500 worth of inventory purchased in (a), which was found broken when the inventory was received. Activity Accounts Statement(s) How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, i.e, a decrease, be sure to enter the answer with a minus sign. Remember: if a contra account is increased, it will have the effect of decreasing the corresponding financial statement item. Balance Sheet Stockholders' Assets Liabilities Equity Revenues ng financial statement item. Income Statement Net Revenues Expenses = Income d. Polly's paid the balance due on the purchase of inventory. Activity Accounts Statement(s) How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, i.e, a decrease, be sure to enter the answer with a minus sign. Balance Sheet Stockholders Assets Liabilities Equity Revenues 2. On June 1, Polly signed a one-year, $12,200 note to First State Bank and received $10,980. Activity Accounts Statement(s) Income Statement Net Revenues Expenses = Income How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry and leave box blank. If the effect on a financial statement item is negative, lie, a decrease, be sure to enter the answer with a minus sign. Remember: if a contra account is increased, it will have the effect of decreasing the corresponding financial statement item. Balance Sheet Stockholders' + Equity + Revenues Liabilities Assets f. Polly's sold 220 gift certificates for $20 each for cash. Sales of gift certificates are recorded as a liability. At year-end, 40% of the gift certificates had been redeemed. Identify and analyze the effect of the sale of the gift cards. Activity Accounts Statement(s) Income Statement Net Revenues Expenses Income If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the erect on a Financial Statement le is negative, I.e, a decrease, be sure to enter the answer with a minus sign. Balance Sheet Stockholders' + Equity Liabilities Assets + Revenues g. Sales for the year were $123,000, of which 90% were for cash, State sales tax of 6% applied to all sales must be remitted to the state by January 31. Activity Accounts Statement(s) How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, i.e, a decrease, be sure to enter the answer with a minus sign. Income Statement Net = Expenses Revenues Income led to all sales must be remitted to the state How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statemen is negative, I.e, a decrease, be sure to enter the answer with a minus sign. Balance Sheet Stockholders' Equity Assets Liabilities + Revenues g. Sales for the year were $123,000, of which 90% were for cash. State sales tax of 6% applied to all sales must be remitted to t by January 31. Activity Accounts Statement(s) Income Statement Net = Income Revenues Expenses les must be remitted to the state Activity Accounts Statement(s) How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, le, a decrease, be sure to enter the answer with a minus sign. Balance Sheet Stockholders' Equity Assets Liabilities Rever 2. Assume that Polly's accounting year ends on December 31. Identify and analyze the effect of any necessary adjusting entries based on transactions below. Do not round intermediate calculations. If required, round your final answers to the nearest cent. Use full months Income Statement Net Revenues Expenses Income 2. Assume that Polly's accounting year ends on December 31. Identify and analyze the effect of any necessary adjusting entries based on transactions below. Do not round intermediate calculations. If required, round your final answers to the nearest cent. Use full months instead of days when calculating interest expense. b. On May 1, land was purchased for $46,200. A 30% down payment was made, and an 18-month, 10% note was signed for the remainder. Activity Accounts Statement(s) How does this erilly all the account you If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, i.e, a decrease, be sure to enter the answer with a minus sign. Balance Sheet Stockholders' Equity Liabilities Assets Revenu e. On June 1, Polly signed a one-year, $12,200 note to First State Bank and received $10,980. Activity Accounts Statement(s) How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, I., a decrease, be sure to enter the answer with a minus sign. Remember: if a contra account is increased, it will have the effect of decreasing the corresponding financial statement item. Income Statement Net Revenues Expenses = Income Wo Entry" and leave the amount swer with a minus sign. al statement item e. On June 1, Polly signed a one-year, $12,200 note to First State Bank and received $10,980. Activity Accounts Statement(s) How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, l.e, a decrease, be sure to enter the answer with a minus sign. Remember: if a contra account is increased, it will have the effect of decreasing the corresponding financial statement item. Balance Sheet Stockholders' Equity Assets Liabilities Reven I statement item. Income Statement Net Expenses Revenues Income f. Polly's sold 220 gift certificates for $20 each for cash. Sales of gift certificates are recorded as a liability. At year-end, 40% of the gift certificates had been redeemed. Activity Accounts Statement(s) How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, I.e, a decrease, be sure to enter the answer with a minus sign. Balance Sheet Stockholders' Assets Liabilities Equity Revenues Income Statement Net Revenues Expenses Income calculations. Round your final answer to 3. What is the total of the current liabilities at the end of the year? Do not round intermediate calculations. Round your final answer to the nearest cent. b. On May 1, land was purchased for $46,200. A 30% down payment as made, and an 18-month, 10% note was signed for the remainder. Activity Financing Accounts Land Increase, Cash Decrease, Notes Payable Decrease Statements Balance Sheet and Income Statement How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, le, a decrease, be sure to enter the answer with a minus sign Balance Sheet Stockholders' Assets Liabilities Equity Revenues No Entry Notes Payable Cash No Entry Income Statement Net Expenses = Income c. Polly's returned $500 worth of inventory purchased in (a), which was found broken when the inventory was received. Activity Accounts Statement(s) How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, i.e, a decrease, be sure to enter the answer with a minus sign. Remember: if a contra account is increased, it will have the effect of decreasing the corresponding financial statement item. Balance Sheet Stockholders' Assets Liabilities Equity Revenues ng financial statement item. Income Statement Net Revenues Expenses = Income d. Polly's paid the balance due on the purchase of inventory. Activity Accounts Statement(s) How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, i.e, a decrease, be sure to enter the answer with a minus sign. Balance Sheet Stockholders Assets Liabilities Equity Revenues 2. On June 1, Polly signed a one-year, $12,200 note to First State Bank and received $10,980. Activity Accounts Statement(s) Income Statement Net Revenues Expenses = Income How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry and leave box blank. If the effect on a financial statement item is negative, lie, a decrease, be sure to enter the answer with a minus sign. Remember: if a contra account is increased, it will have the effect of decreasing the corresponding financial statement item. Balance Sheet Stockholders' + Equity + Revenues Liabilities Assets f. Polly's sold 220 gift certificates for $20 each for cash. Sales of gift certificates are recorded as a liability. At year-end, 40% of the gift certificates had been redeemed. Identify and analyze the effect of the sale of the gift cards. Activity Accounts Statement(s) Income Statement Net Revenues Expenses Income If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the erect on a Financial Statement le is negative, I.e, a decrease, be sure to enter the answer with a minus sign. Balance Sheet Stockholders' + Equity Liabilities Assets + Revenues g. Sales for the year were $123,000, of which 90% were for cash, State sales tax of 6% applied to all sales must be remitted to the state by January 31. Activity Accounts Statement(s) How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, i.e, a decrease, be sure to enter the answer with a minus sign. Income Statement Net = Expenses Revenues Income led to all sales must be remitted to the state How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statemen is negative, I.e, a decrease, be sure to enter the answer with a minus sign. Balance Sheet Stockholders' Equity Assets Liabilities + Revenues g. Sales for the year were $123,000, of which 90% were for cash. State sales tax of 6% applied to all sales must be remitted to t by January 31. Activity Accounts Statement(s) Income Statement Net = Income Revenues Expenses les must be remitted to the state Activity Accounts Statement(s) How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, le, a decrease, be sure to enter the answer with a minus sign. Balance Sheet Stockholders' Equity Assets Liabilities Rever 2. Assume that Polly's accounting year ends on December 31. Identify and analyze the effect of any necessary adjusting entries based on transactions below. Do not round intermediate calculations. If required, round your final answers to the nearest cent. Use full months Income Statement Net Revenues Expenses Income 2. Assume that Polly's accounting year ends on December 31. Identify and analyze the effect of any necessary adjusting entries based on transactions below. Do not round intermediate calculations. If required, round your final answers to the nearest cent. Use full months instead of days when calculating interest expense. b. On May 1, land was purchased for $46,200. A 30% down payment was made, and an 18-month, 10% note was signed for the remainder. Activity Accounts Statement(s) How does this erilly all the account you If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, i.e, a decrease, be sure to enter the answer with a minus sign. Balance Sheet Stockholders' Equity Liabilities Assets Revenu e. On June 1, Polly signed a one-year, $12,200 note to First State Bank and received $10,980. Activity Accounts Statement(s) How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, I., a decrease, be sure to enter the answer with a minus sign. Remember: if a contra account is increased, it will have the effect of decreasing the corresponding financial statement item. Income Statement Net Revenues Expenses = Income Wo Entry" and leave the amount swer with a minus sign. al statement item e. On June 1, Polly signed a one-year, $12,200 note to First State Bank and received $10,980. Activity Accounts Statement(s) How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, l.e, a decrease, be sure to enter the answer with a minus sign. Remember: if a contra account is increased, it will have the effect of decreasing the corresponding financial statement item. Balance Sheet Stockholders' Equity Assets Liabilities Reven I statement item. Income Statement Net Expenses Revenues Income f. Polly's sold 220 gift certificates for $20 each for cash. Sales of gift certificates are recorded as a liability. At year-end, 40% of the gift certificates had been redeemed. Activity Accounts Statement(s) How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, I.e, a decrease, be sure to enter the answer with a minus sign. Balance Sheet Stockholders' Assets Liabilities Equity Revenues Income Statement Net Revenues Expenses Income calculations. Round your final answer to 3. What is the total of the current liabilities at the end of the year? Do not round intermediate calculations. Round your final answer to the nearest cent