ACCT301 – Week 1 Homework – Guaranteed 100% score

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Problem Statement
ACCT301 – Week 1 Homework
Problem 1

Required: Identify the financial statement on which each of the following items appears by making an X 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

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 the $1,200 telephone bill with cash

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 = + – = –

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