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During the financial year ended 3 1 December 2 0 2 3 , the following were some of the many transactions that occurred for GlacierTech
During the financial year ended December the following were some of the many transactions that occurred for GlacierTech Ltd Assume that each transaction is independent of the others.
Made credit sales of $ the cost of the products sold was $
Received an invoice for legal services in December for $ covering work completed in December The invoice will be paid in January
Received $ on October from a customer for consulting services which will be provided each month from November through to the April
Collected $ cash owing from customers.
Paid $ in wages to employees during the year; at year end wages of $ are owed to employees for work done in December to be paid in January
Bought new equipment costing $ paying in cash on December The equipment has an expected useful life of years and GlacierTech Ltd will commence use of the equipment in January
For each of the transactions, events, or facts above, in the table below indicate the impact on revenues, expenses, total assets and total liabilities during the financial year ended December Do this by placing a or sign for increase, for decrease to indicate direction in the appropriate box and include dollar amounts. Write NE if there is no effect. Be sure to place an answer in every box unless crossed out.
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