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I saved my completed answers but I am stuck on where to place the rest of the transactions. Answer is not complete. b. Balance Sheet
I saved my completed answers but I am stuck on where to place the rest of the transactions.
Answer is not complete. b. Balance Sheet Total Liabilities Income Statement Net Income Transaction Statement of Cash Flows Operating Investing Financing Activities Activities Activities +300 Owner invests $300 cash in business Total Assets +300 +100 -220 Total Equity +300 +100 -220 +100 -220 +350 +450 Receives $100 cash for services provided Pays $220 cash for employee wages Buys $350 of equipment on credit Purchases $450 of supplies on credit Buys equipment for $550 cash Pays $390 on accounts payable Provides $590 services on credit Owner withdraws $240 cash +550 +550 -550 -390 -390 -390 -590 X -240 -240 Collects $615 cash on accounts receivable +615 +615 Identify how each of the following separate transactions 1 through 10 affects financial statements. For increases, place a "+" and the dollar amount in the column or columns. For decreases, place a "_" and the dollar amount in the column or columns. Some cells may contain both an increase (+) and a decrease (-) along with dollar amounts. The first transaction is completed as an example. Required: a. For the balance sheet, identify how each transaction affects total assets, total liabilities, and total equity. For the income statement, identify how each transaction affects net income. b. For the statement of cash flows, identify how each transaction affects cash flows from operating activities, cash flows from investing activities, and cash flows from financing activitiesStep by Step Solution
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