Requirement 1: a. Prepare the Horizontal model for each of the following transactions. a. The purchase of the paper napkins, assuming that the purchase was initially recorded as an expense. b. At January 31, it was estimated that the cost of the paper napkins used during the first three weeks of the semester totaled $990. c. The purchase of the paper napkins, assuming that the purchase was initially recorded as an asset. d. At January 31 if the initial purchase had been recorded as in c. (Enter decreases to account balances with a minus sign.) Balance Sheet Income Statement Assets Liabilities Stockholders -Net income- Revenues Expenses C. b. Prepare the journal entry for each of the following transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) a. The purchase of the paper napkins, assuming that the purchase was initially recorded as an expense. b. At January 31, it was estimated that the cost of the paper napkins used during the first three weeks of the semester totaled $990. c. The purchase of the paper napkins, assuming that the purchase was initially recorded as an asset. d. At January 31 if the initial purchase had been recorded as in c. View transaction list Journal entry worksheet 4 The purchase of the paper napkins, assuming that the purchase was initially recorded as an expense Note: Enter debits before credits. ransaction General Journal Debit Credit a. Record entry Clear entry View general journal Requirement 2: Consider the effects that entries a and b would have on the following a. Income statement for the month of January? Result in of b. Balance sheet at January 31? Result in of Requirement 1: a. Prepare the Horizontal model for each of the following transactions. a. The purchase of the paper napkins, assuming that the purchase was initially recorded as an expense. b. At January 31, it was estimated that the cost of the paper napkins used during the first three weeks of the semester totaled $990. c. The purchase of the paper napkins, assuming that the purchase was initially recorded as an asset. d. At January 31 if the initial purchase had been recorded as in c. (Enter decreases to account balances with a minus sign.) Balance Sheet Income Statement Assets Liabilities Stockholders -Net income- Revenues Expenses C. b. Prepare the journal entry for each of the following transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) a. The purchase of the paper napkins, assuming that the purchase was initially recorded as an expense. b. At January 31, it was estimated that the cost of the paper napkins used during the first three weeks of the semester totaled $990. c. The purchase of the paper napkins, assuming that the purchase was initially recorded as an asset. d. At January 31 if the initial purchase had been recorded as in c. View transaction list Journal entry worksheet 4 The purchase of the paper napkins, assuming that the purchase was initially recorded as an expense Note: Enter debits before credits. ransaction General Journal Debit Credit a. Record entry Clear entry View general journal Requirement 2: Consider the effects that entries a and b would have on the following a. Income statement for the month of January? Result in of b. Balance sheet at January 31? Result in of
