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3. Indicate, by letter, which ofthe above transactions would be reported in the Income statement: , , and . The Inflows of asses for services rendered or goods delivered {as measured by the assets received from customers} are called , lll'l'llll assets surrendered or consumed In this process are called The statement that shows the asset: and equiti of an entity as of a point in time is called the . balance .ShBEt The specic unit or organization for which accounting information Is accumulated and reported ls called the . The basis for valuation corporatlon assets in accounting ls . :2: The concept in accounting refers to the fact that the amounts entered in an accounting system are the objective money prices economic determined In the exchange process. entity If expenses for a period exceed revenues for the same period, the entity is deemed to have suffered a equities An income statement is prepared for a while a balance sheet ls prepared as of a . equity ratio expenses Under the- concept, the accountant assumes that a business will continue more of less indenitely. going-concern The ls equal to stockholders' equity divided by . income statement The shows the cash Inflowsand cash outows for a period of time. mnnc'm Indicate the effect each of the following transactions has on the basic accounting equation by indicating one of the following: a. Decrease In an asset, decrease in a liability. h. Increase In an asset, increase In stockholders' equity. c. Inu'ease In one asset, decrease in another asset. cl. Increase In an asset, increase In a liability. e. None of the above. Purchased equipment on account. Returned an item of defecliue equipment purchased in [1}. Paid cash to the supplier of equipment purchased In (1} for the remainder of the equipment. Received cash on account from customers. The stockholders invested additional cash In the business. \"V :3 \"V NV PV \fTo showI your understanding of the effects of each of the named transactions on the assets, liabilities, and stockholders' equity of a business, ll in line blank in each colurnn with either + Her increase}, - {for decrease}Jr or 0 Her no change]. Asset Liabilities Stockholders' Equity a. Stockholders Invested sh in the business h. Borrowed money from a bani: c. Purchased eq ulpment on credit d. Rendered services for cash e. Pald creditor in [cl f. Pald monthlyI rent 3. Rendered services for which die customer promised to pay at a 1' later date