Transaction Analysis Polly's Cards & Go Shop had the following transaction during the year: Required: 1. Identity and analyse the effect of transactions as A. Poly's purchased inventory on account from a suppler for $7,560. Assume that Pollys user a periodic inventory system. Activity Accounts Statement(s) How does this entry affect the accounting equation? If a financial statement Mem is not affected, select "No Entry and leave the amount box blank. If the effect on a financial statement item is negative, le, a decrease, be sure to enter the answer with a minus sign Balance Sheet Income Statement Net Stockholders Equity Assets Liabilities Revenues Expenses Income b. On May 1, and was purchased for 48,500, A 10% down payment was made, and an 18-month, as note was signed for the remainder. Activity Accounts Statement(s) How does this entry affect the accounting equation If a financial statementem is not affected, select "No Entry and leave the amount box blank. If the effect on a financial statement item is negative, le, a decrease be sure to enter the answer with a minut sign Previous Next > Time Remaining:0:28:30 All work saved Imal Subm Test for Gradine Balance Sheet Income Statement Net Stockholders Equity Assets Liabilities Revenues Expenses -Income Poly's returned 5430 worth of inventory purchased in (a), which was found broken when the inventory was received Activity Accounts Statement(s) How does this entry affect the accounting equation? It financial statement tam is not affected, select "No Entry and leave the amount box blank. If the effect on a financial statement item is negative, La decrease be sure to enter the answer with a minus sign. Remember a contra account is increased will have the effect of decreasing the corresponding financial statementem Balance Sheet Income Statement Stockholders Equity Net Income Assets Liabilities Expenses 4. Polys paid the balance due on the purchase of Inventory Activity Accounts Statements) How does is entry affect the counting to 1 alinancial statement item is not affected, select "No try and wave the amount bon blank. If the effect on a financial statement item is negative. In a decrease, be sure to enter the answer with a minus in Previous Net The maig 2013 Al wave mal instrument for Grad Balance Sheet Income Statement Stockholders Equity Net -Income Assets Liabilities Revenues Expenses .. on June 1, Polly signed a one year $13,900 note to First State Bank and received $16,468 Activity Accounts Statements) Jow does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry and leave the amount box blank. If the effect on a financial statement item is negative. e, a decrease be sure to enter the answer with a minut sign. Remember if a contra account is increased, it will have the effect of derong the corresponding financial statement tem Balance Sheet Income Statement Stockholders Equity Net -Income Assets Liabilities Revenues Expenses toly soka 200 ole certificates for $25 each for Cath, Sales of gilt certificates are recorded as a boty, At year-end, 34of the grecertificates had been redeemed entity and analyze the effect of the sale of the gift cards Activity Accounts Statements) How does this entry affect the accounting equation? a financial statement nem is not affected, select "No Entry and leave the amount box blank. If the effect on a financial statement tem is negative, le, a decrease, be sure to enter the answer with a minus sign Previous Time Remaining: 0:27:50 All work saved Emains Submit Test for Gradin Balance Sheet Income Statement Net Stockholders Equity Liabilities Revenues Expenses Income - Sales for the year were $103,000, of which 70% were for cash. State sales tax of es applied to all sales must be remitted to the state by January 31 Activity Accounts Statements) How does this entry affect the accounting equation? tra financial statement tem a not affected, wlect "No Entry and leave the amount box blank. If the effect on a financial statement tom is negative, Leste, be sure to enter the answer with a minus sign Balance Sheet Income Statement Stockholders' Net Assets Liabilities Equity Revenues Expenses Income 2. Assume that Polly's accounting year ends on December 31, Identity and analyze the effect of any necessary adjusting entries based on transactions below. Do not round Intermediate calculations required, round your finanswers to the nearest cent. Use full months instead of days when calculating interest expense. b. on May 1, and was purchased for 544,500. A 10down payment was made, and an 18-month, note was signed for the remainder. Activity Account Statement(s) Previous > The Remaining 0:27-28 All work saved Im Submit Test for Gradine Balance Sheet Income Statement Net Stockholders Equity Assets Liabilities Revenues Expenses Income On June 1, Polly signed a one-year, 517.000 note to First State Bank and received $16,468 Activity Accounts Statement(s) How does this entry affect the accounting equation of a financial statement item is not affected, select "No Entry and leave the amount box blank. If the effect on a financial statement item is negative decreme, be sure to enter the answer with a minus signemember a contra account is more, it will have the effect of decreasing the corresponding financial statement item Balance sheet Income Statement Stockholders Equity Net Income Asset Liabilities Revenues Expenses 1. Polly's sold 260 g certificates for $25 each for cash. Sales of gift certificates are recorded as a Habary. At year-end, 84% of the gift certificates had been redeemed Activity Accounts Statement How does this entry affect the accounting equation Ita financial statement item is not affected, select "No Entry and leave the amount box blank. If the effect on a fancial statement tem in negative. La decrease, be sure to enter the answer with a minus Produs Tim Hernaning:0:27:11 All work vedl Emainstructor Submit Test for Grading What is the total of the current is the end of the year? Do not round intermediatit calculations. Round your finalwer to the nearest cent Previous Net) The Remaining 0:26:44 Al word Test for Gratis Transaction Analysis Polly's Cards & Go Shop had the following transaction during the year: Required: 1. Identity and analyse the effect of transactions as A. Poly's purchased inventory on account from a suppler for $7,560. Assume that Pollys user a periodic inventory system. Activity Accounts Statement(s) How does this entry affect the accounting equation? If a financial statement Mem is not affected, select "No Entry and leave the amount box blank. If the effect on a financial statement item is negative, le, a decrease, be sure to enter the answer with a minus sign Balance Sheet Income Statement Net Stockholders Equity Assets Liabilities Revenues Expenses Income b. On May 1, and was purchased for 48,500, A 10% down payment was made, and an 18-month, as note was signed for the remainder. Activity Accounts Statement(s) How does this entry affect the accounting equation If a financial statementem is not affected, select "No Entry and leave the amount box blank. If the effect on a financial statement item is negative, le, a decrease be sure to enter the answer with a minut sign Previous Next > Time Remaining:0:28:30 All work saved Imal Subm Test for Gradine Balance Sheet Income Statement Net Stockholders Equity Assets Liabilities Revenues Expenses -Income Poly's returned 5430 worth of inventory purchased in (a), which was found broken when the inventory was received Activity Accounts Statement(s) How does this entry affect the accounting equation? It financial statement tam is not affected, select "No Entry and leave the amount box blank. If the effect on a financial statement item is negative, La decrease be sure to enter the answer with a minus sign. Remember a contra account is increased will have the effect of decreasing the corresponding financial statementem Balance Sheet Income Statement Stockholders Equity Net Income Assets Liabilities Expenses 4. Polys paid the balance due on the purchase of Inventory Activity Accounts Statements) How does is entry affect the counting to 1 alinancial statement item is not affected, select "No try and wave the amount bon blank. If the effect on a financial statement item is negative. In a decrease, be sure to enter the answer with a minus in Previous Net The maig 2013 Al wave mal instrument for Grad Balance Sheet Income Statement Stockholders Equity Net -Income Assets Liabilities Revenues Expenses .. on June 1, Polly signed a one year $13,900 note to First State Bank and received $16,468 Activity Accounts Statements) Jow does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry and leave the amount box blank. If the effect on a financial statement item is negative. e, a decrease be sure to enter the answer with a minut sign. Remember if a contra account is increased, it will have the effect of derong the corresponding financial statement tem Balance Sheet Income Statement Stockholders Equity Net -Income Assets Liabilities Revenues Expenses toly soka 200 ole certificates for $25 each for Cath, Sales of gilt certificates are recorded as a boty, At year-end, 34of the grecertificates had been redeemed entity and analyze the effect of the sale of the gift cards Activity Accounts Statements) How does this entry affect the accounting equation? a financial statement nem is not affected, select "No Entry and leave the amount box blank. If the effect on a financial statement tem is negative, le, a decrease, be sure to enter the answer with a minus sign Previous Time Remaining: 0:27:50 All work saved Emains Submit Test for Gradin Balance Sheet Income Statement Net Stockholders Equity Liabilities Revenues Expenses Income - Sales for the year were $103,000, of which 70% were for cash. State sales tax of es applied to all sales must be remitted to the state by January 31 Activity Accounts Statements) How does this entry affect the accounting equation? tra financial statement tem a not affected, wlect "No Entry and leave the amount box blank. If the effect on a financial statement tom is negative, Leste, be sure to enter the answer with a minus sign Balance Sheet Income Statement Stockholders' Net Assets Liabilities Equity Revenues Expenses Income 2. Assume that Polly's accounting year ends on December 31, Identity and analyze the effect of any necessary adjusting entries based on transactions below. Do not round Intermediate calculations required, round your finanswers to the nearest cent. Use full months instead of days when calculating interest expense. b. on May 1, and was purchased for 544,500. A 10down payment was made, and an 18-month, note was signed for the remainder. Activity Account Statement(s) Previous > The Remaining 0:27-28 All work saved Im Submit Test for Gradine Balance Sheet Income Statement Net Stockholders Equity Assets Liabilities Revenues Expenses Income On June 1, Polly signed a one-year, 517.000 note to First State Bank and received $16,468 Activity Accounts Statement(s) How does this entry affect the accounting equation of a financial statement item is not affected, select "No Entry and leave the amount box blank. If the effect on a financial statement item is negative decreme, be sure to enter the answer with a minus signemember a contra account is more, it will have the effect of decreasing the corresponding financial statement item Balance sheet Income Statement Stockholders Equity Net Income Asset Liabilities Revenues Expenses 1. Polly's sold 260 g certificates for $25 each for cash. Sales of gift certificates are recorded as a Habary. At year-end, 84% of the gift certificates had been redeemed Activity Accounts Statement How does this entry affect the accounting equation Ita financial statement item is not affected, select "No Entry and leave the amount box blank. If the effect on a fancial statement tem in negative. La decrease, be sure to enter the answer with a minus Produs Tim Hernaning:0:27:11 All work vedl Emainstructor Submit Test for Grading What is the total of the current is the end of the year? Do not round intermediatit calculations. Round your finalwer to the nearest cent Previous Net) The Remaining 0:26:44 Al word Test for Gratis