ACCT301 Week 1 Problem 1 and Problem 2

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! 

                                                   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: 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! 

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