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Struggling to finish some numbers wrong, please help Question 5 Answer saved Marked out of 1.00 Flag question Analyzing Transactions using the Financial Statement Effects
Struggling to finish some numbers wrong, please help
Question 5 Answer saved Marked out of 1.00 Flag question Analyzing Transactions using the Financial Statement Effects Template Report the effects for each of the following independent transactions using the financial statement effects template provided. Transaction (a) Issue stock for $4,500 cash (b) Purchase inventory for $2,250 cash (c) Sell inventory from (b) for $9,000 on credit (d) Record $2,250 for cost of inventory sold in (c) (e) Receive $9,000 cash on receivable from (c) Totals Balance Sheet Income Statement Cash Asset + Noncash Assets = Liabilities + Contributed Capital + Earned Capital Revenue Expenses - Net Income 4500 + 0 = 0 + 4500 + 0 0 0 = 0 -2250 + 2250 = 0 + 0 + 0 0 0 = 0 -9000 = 0 0 + 0 + -9000 9000 0 = 0 + -2250 = 2250 + 0 + 0 0 2250 = -2250 9000 + -9000 = 0 + 0 + 0 0 0 = 0 $ 11250 + $ -18000 = $ 2250 + $ 4500 + $ (9,000) $ 9000 - $ 2250 = $ 6750 + 9000Step by Step Solution
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