Question
In Year 1, T.V. Inc. billed its customers $29,000 for services performed. The company collected $24,000 of the amount billed. T.V. incurred $18,000 of
In Year 1, T.V. Inc. billed its customers $29,000 for services performed. The company collected $24,000 of the amount billed. T.V. incurred $18,000 of other operating expenses on account. T.V. paid $14,000 of the accounts payable. T.V. acquired $28,000 cash from the issue of common stock. The company invested $18,000 cash in the purchase of land. Required a. Identify the six events described in the paragraph and record them in the statements table. Cash Flow Balance Sheet SH Eq Income Statement Event Cash + A/R + Land = A/P + CS + RE - Div. Rev. - Exp.
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