Question
The following accounts are applicable to Access Life Services, Inc, a company that provides indoor plant maintenance services for clients. 1.Cash 2. Accounts recievable 3.
The following accounts are applicable to Access Life Services, Inc, a company that provides indoor plant maintenance services for clients.
1.Cash 2. Accounts recievable 3. Supplies 4. prepaid rent 5. equipment 6. note payable 7. common stock
8. Retained earnings 9. Dividends 10. Plant Service Revenue 11. Wages Expense 12. Rent expense 13. Utilities expense
Access life services INC completed the following transactions and would like you to complete the effect of each transaction (DEBIT or Credit and the effect on the
statement of cash flows. For the cash flows indicate (+) if the transaction is increasing the company's cash flows or (-) if the effect reduced the companys cash flows . USE NE
if there is no effect on cash. An example transaction has been completed.
EXAMPLE:
TRANSACTION |
|
| Cash flows affected | ||
| DEBIT | CREDIT | Operating | Investing | Financing |
Purchased equipment for cash | 5 | 1 |
| -X |
|
TRANSACTION |
| Cash Flows Affected | |||
| DEBIT | CREDIT | Operating | Investing | Financing |
A. Received cash from stockholders |
|
|
|
|
|
B. Purchased building and give a note |
|
|
|
|
|
C. Provided service on account |
|
|
|
|
|
D. Collected cash on account from C |
|
|
|
|
|
E. paid rent for the month |
|
|
|
|
|
F. Paid wages for the week |
|
|
|
|
|
G. paid dividend to stockholders |
|
|
|
|
|
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started