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Transactions that affect cash do not necessarily affect net income. Identify the impact, if any, of each of the following transactions on cash and net
Transactions that affect cash do not necessarily affect net income. Identify the impact, if any, of each of the following transactions on
cash and net income. The first transaction has been completed for you as an example. For decreases use either a negative sign preceding
the number, eg or parenthesis, eg If an answer is zero, please enter Do not leave any fields blank.
Transactions
Cash
Profit
a Purchased supplies for cash, $
b Made an adjusting entry to record use of $ of the supplies
in item a
c Performed services on account, $
d Received $ from customers in payment of their account
in item c
e Purchased equipment for cash, $
f Made an adjusting entry to record depreciation of the
equipment in item e $g Obtained a $ bank loan.
h Made an adjusting entry to accrue interest on the bank loan
in item $
i Received $ cash for services to be performed in the
future.
j Made an adjusting entry relating to the amount received in
item i to show that $ of the services had now been
performed.
k Made an adjusting entry to record utilities incurred but not
yet paid, $
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