Question
Record the following transactions in the financial statements effects template below. Company receives $6,000 from the sale of gift certificates. Customers used $5,700 gift certificates.
Record the following transactions in the financial statements effects template below.
Company receives $6,000 from the sale of gift certificates.
Customers used $5,700 gift certificates. The cost of the inventory sold is $3,900.
The balance of the gift certificates expire unused.
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| Balance Sheet | Income Statement
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| Transaction | Cash Asset | + | Noncash Assets | = | Liabil- ities | + | Contrib. Capital | + | Earned Capital | Rev-enues |
| Expen-ses | = | Net Income |
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Audit And Accounting Guide Employee Benefit Plans
Authors: American Institute Of Certified Public Accountants
1st Edition
0870515756, 978-0870515750
