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I don't know where the first two answers go into the worksheet provided. Please help and explain. Financial Accounting Transaction Worksheet Assets Liabilities + Paid-in
I don't know where the first two answers go into the worksheet provided. Please help and explain.
Financial Accounting Transaction Worksheet Assets Liabilities + Paid-in Capital + = Retained Earnings begin (Revenue Expense) current Column 1: Transaction 2/1 purchase office supplies $500 on account from Office Max Column 2: Impact on the Accounting Equation Office Supplies Supplies Payable (131000) (310101) $ 500 + $500 Cr. For column 1: Transaction: Specify a date and a short and descriptive transaction description. For column 2: Transaction impact on the Accounting Equation Clearly indicate the followings for each transaction Align an account with a correct account type under the Accounting Equation. For example, align salary expense under the Expense account type column. Write legibly and use two or more rows for a transaction as needed. The account number (e.g., 113300) and account name (e.g., Bank Cash) for each account used in recording the transaction - The increase (+) or decrease (-) in terms of the dollar amount for each account used in recording the transaction - The Debit (Dr.) or Credit (Cr.) for each account used in recording the transaction An example is provided on the accounting worksheet for your reference. Answer requirement 2: (25 points) Analyze and record following transactions on the Accounting Worksheet. Submit accounting worksheets with your answer documents. 1. (1) On the last date of January, the company accrued interest receivable of 300 euros. The interest receivable is from a none-core business transaction and is classified as one of other revenue items. (2) On the last date of January, record interest payment of the 200,000 Euros bank loan for the first month. Note that APR (Annual Percentage Rate) is 7.5%. (3) On the last date of January, record the Building Depreciation for the first month. (4) On the last date of January, record the Machinery and Equipment Depreciation for the first month. (5) On the last date of January, record the payment of monthly direct labor expenses 80,000 Euros for the first month. (6) On the last date of January, record the payment of monthly SG&A expense 10,000 Euros for the first monthStep by Step Solution
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