ork Saved Help Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate complet Munoz Manufacturing Company experienced the following accounting events during its first year of operation. With the exception of the adjusting entries for depreciation, assume that all transactions are cash transactions and that financial statement data are prepared in accordance with GAAP 1. Acquired $60,000 cash by issuing common stock 2. Paid $7100 for the materials used to make its products, all of which were started and completed during the year. 3. Pald salaries of $4,000 to selling and administrative employees. 4. Paid wages of $6,500 to production workers 5. Paid $5,100 for furniture used in selling and administrative offices. The furniture was acquired on January 1. It had a $100 estimated salvage value and a two-year useful life. 6. Pald $9,600 for manufacturing equipment. The equipment was acquired on January 1 It had a $1,800 estimated salvage value and a two-year useful life 7. Sold inventory to customers for $26.400 that had cost $13,800 to make Required How these events would affect the balance sheet and income statement by recording them in a horizontal financial statements model as indicated here. The first event is recorded as an example. (Enter decreases to account balances with a minus sign.) Answer is not complete. Balance Sheet Income Statement Event No. Equity Assets Inventory Office + Manut Equip + Ret Ear Rev. Exp Net ind Common stock 60 000 Fum 1 60,000 Prev 1 of 4 Next > MacBook Pro 80 AL 888 % A + 3 $ 4 & 7 9 0 8 2 5 6 0 U W E R Y H J L G S F D what is correct or incorrect for the work you have completed so far. It does not indicate completion. as indicated here. The first event is recorded as an example (Enter decreases to account balances with a minus sign.) Return Answer is not complete. Balance Sheet Event No. Assets Cash Income Statement Equity Inventory + Manut Equip. Office Furn. Ret. 1 Common stock 60,000 + Ear. Rev. Exp Net Inc + 2 7.100 + + 3 60.000 (7.100) (4,000) (6,500) (5,100) + (4,000) 6,500 4,000 4 + (4.000) + > + + 5b 60 5,100 (2.000) . (2,000) (9,600). 2,000 (2,000) 9,600 (3.900) 00 + 26,400 + 6b 7a 7b Total + 4 . (13,800) (200) 26.400 26,400- (13.800) 6,600 26.400 26,400 (13,800) 6,600 ols 54.100 + 5.700 + 3,100 13,800- 19,800 60,000 + Prey Next > otv RA 21