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Grantham University BA220 Week 2 Assignment




Question 2-9a;Income Statement;Statement of Cash Flows;Balance Sheet;1. Prepaid rent $18,000;2. Cash paid for rent $(12,000);3. Rent expense $6,000;Exercise 2-14A Supplies, Unearned revenue, and the financial statement model;Ross, Attorney at Law, experienced the following transactions in 2013, the first year of operations;Purchased $1,500 of office supplies on account.;Accepted $36,000 on February 1, 2013, as a retainer for services to be performed evenly over the next 12 months.;Performed legal services for cash of $84,000.;Paid cash for salaries expenses of $32,000.;Paid a cash dividend to the stockholders of $8,000.;Paid $1,200 of the amount due on accounts payable.;Determined that at the end of the accounting period, $150 of office supplies remained on hand.;On December 31, 2013, recognized the revenue that had been earned for services performed in accordance with Transaction 2.;Required;Show the effects of the events on financial statements using a horizontal statements model like


Paper#20975 | Written in 18-Jul-2015

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