Paid wages of $ 1 , 4 5 0 for the current period ( example ) .
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Paid wages of $ for the current period exampleBorrowed $ cash from local bank using a shortterm note.Purchased $ of equipment on credit.Earned $ of sales revenue; collected cash.Received $ of utilities services, on credit.Earned $ of service revenue, on credit.Paid $ cash on account to a supplier.Incurred $ of travel expenses; paid cash.Earned $ of service revenue; collected half in cash, with balance on credit.Collected $ cash from customers on account.Incurred $ of advertising costs; paid half in cash, with balance on credit. Required:For each of the transactions, complete the following table, indicating the account, amount, and direction of the effect for increase and for decrease of each transaction under the accrual basis. Include revenues and expenses as subcategories of stockholders equity, as shown for the first transaction, which is provided as an example.Determine the companys preliminary net income.
Related Book For
Fundamentals of Financial Accounting
ISBN: 978-0078025914
5th edition
Authors: Fred Phillips, Robert Libby, Patricia Libby
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