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##### acct301 week 1 homework (Identify the financial statement)

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Question;Problem;1;Required: Identify the financial statement on which;each of the following items appears by making anX;in the appropriate column. The first one is done;for you!;(15;points total, 1 point each);Income;Balance;Statement of;Item;Statement;Sheet;Cash Flows;Accounts;Payable;X;Accounts;Receivable;Advertising;Expense;Common Stock;Dividends;Equipment;Financing;Activities;Investing;Activities;Land;Operating;Activities;Rent Expense;Retained;Earnings;Revenue;Salaries;Payable;Utility;Expense;Problem 2;Required:Show;the effects on the financial statements using a horizontal statement model as;outlined below. The first one is done;for you!;(35;points total, 5 points each);1;Sold \$30,000 in merchandise for cash;2;Paid \$5,000 for rent with cash;3;Paid \$10,000 in salaries to;employees with cash;4;Sold \$25,000 in merchandise and;customer paid on credit;5;Collected \$10,000 cash for;transaction #4;6;Purchased a building for \$100,000;and took out a loan for the money;7;Paid \$1,200 for insurance;Balance Sheet;Income;Statement;Owner's;Net;Event No.;Assets;=;Liabilities;+;Equity;Revenue;-;Expenses;=;Income;1;30,000;=;+;30,000;30,000;-;-;=;30,000;2;=;+;-;=;-;3;=;+;-;=;-;4;=;+;-;=;-;5;=;+;-;=;-;6;=;+;-;=;-;7;=;+;-;=;-

Paper#37442 | Written in 18-Jul-2015

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