ACCT301 Week 1 Problem 1 and Problem 2 (Identify the financial statement)

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 cash 
7 Paid in advance 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

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