I HAVE FILLED IN WHAT I THINK SOME OF THE ANSWERS SHOULD BE..I HAVE NOT CHECKED MY WORK..WE ONLY GET SO

MANY ATTEMPTS..DIDNT WANT TO WASTE THEM.

3.

value:
5.00 points

Kenisha Morgan owns and operates Morgan's Furniture Emporium, Inc. The balance sheet totals for assets, liabilities, and owners' equity at August 1, 2010, are as indicated. Described here are several transactions entered into by the company throughout the month of August.

P2-16 Requirement 1-3

Requirement 1:

Indicate the amount and effect (+ or -) of each transaction on total assets, total liabilities, and total owners' equity, and then compute the new totals for each category. The first transaction is provided as an illustration.

August 1, 2010, totals	$ 700,000		$ 550,000		$ 150,000
August 3, borrowed $24,000 in cash from the bank	+24,000		+24,000		0
New totals	$ 724,000		$ 574,000		$ 150,000
August 7, bought merchandise inventory valued at $38,000 on account
New totals	$		$		$
August 10, paid $14,000 cash for operating expenses
New totals	$		$		$
August 14, received $100,000 in cash from sales of merchandise that had cost $66,000
New totals	$		$		$
August 17, paid $28,000 owed on accounts payable
New totals	$		$		$
August 21, collected $34,000 of accounts receivable
New totals	$		$		$
August 24, repaid $20,000 to the bank plus $400 interest
New totals	$		$		$
August 29, paid Kenisha Morgan a cash dividend of $10,000
New totals	$	=	$	+	$

Requirement 2:

(a)	How much were total revenues and total expenses during August? (Omit the "$" sign in your response.)

Total revenues	$
Total expenses	$

(b)	What was the amount of net income (or loss) during August? (Omit the "$" sign in your response.)

(Click to select)Net incomeNet loss

$

Requirement 3:

What were the net changes during the month of August in total assets, total liabilities, and total owner's equity? (Input all amounts as positive values. Omit the "$" sign in your response.)

	Net Change
Total assets	$
Total liabilities
Total owner's equity

Which of the following statement(s) is true? (Select all that apply.)

	Revenues decreased Kenisha Morgan's equity, and expenses and dividends increased it.
	Interest is a "cost" of doing business.
	Dividend is a "cost" of doing business.
	Cash balance will be affected while paying off an accounts payable and collecting an accounts receivable.
	When money is borrowed from the bank, the total assets and the total liabilities will increase.