ACCT-301 devry University full course

acct301_week_1_homework_revised_1.xlsx

Problem 1

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

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	-	- 0	=	30,000
2			=		+			-		=	- 0
3			=		+			-		=	- 0
4			=		+			-		=	- 0
5			=		+			-		=	- 0
6			=		+			-		=	- 0
7			=		+			-		=	- 0