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Electronic Enterprises (EE) experienced eight accounting events during Year 6. These events affected EE's financial statements, as shown in the following horizontal financial statements
Electronic Enterprises (EE) experienced eight accounting events during Year 6. These events affected EE's financial statements, as shown in the following horizontal financial statements model. Balance Sheet Income Statement Assets Accounts Event 1. Cash + + Receivable = NA 2. NA + 3. NA NA 4. + NA 5. + - 6. 7. 8. NA NA NA 3 3 3 3 + 3 3 3 = Liabilities + Accounts Payable + NA Stockholders' Equity Common Stock + Retained Statement of + Earnings Revenue Expense NA NA NA Net Income NA Cash Flows + FA NA + + NA NA NA NA + NA NA + + NA + OA NA NA NA NA NA NA + OA NA + - - OA NA NA NA NA NA - OA NA NA NA - FA Required: Match the event number shown in the horizontal financial statements model above with the corresponding description of an event shown in the following table. The first event has been matched as an example. Event Number 1 Description Incurred cash expenses. Earned revenue on account. Earned cash revenue. Issued common stock for cash. Paid a cash dividend. Collected cash from customer accounts receivable. Used cash to pay off accounts payable. Incurred expenses on account.
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