Question
Record the effects of each transaction or event in the table below: Balance Sheet Income Statement Transaction Cash Asset + Noncash Assets = Liabilities +
- Record the effects of each transaction or event in the table below:
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| Balance Sheet | Income Statement | ||||||||||||
| Transaction | Cash Asset | + | Noncash Assets | = | Liabilities | + | Contrib. Capital | + | Earned Capital | Revenues | - | Expenses | = | Net Income |
| (1) Purchase $8,000 of inventory on credit |
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| (2) Employees earn $6,000 in wages that are not paid in cash |
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| (3) Paid $4,000 cash for rent expense |
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| (4) Collected $48,000 cash from accounts receivable |
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| (5) Paid $14,000 cash toward accounts payable |
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| (6) Received $22,000 from cash sales |
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Operational Risk Management
Authors: Mark D Abkowitz
1st Edition
0470256982, 9780470256985
