29 Jun Question Individual Assignment Week Three Kimberly M Johnson
Question
Individual Assignment Week Three
Kimberly M Johnson
Acc/290
August 14, 2012
James Moore
Individual Assignment Week Three
BE4-1 Transactions that affect earnings do not necessarily affect cash.
Hint: Identify impact of transactions on cash and net income.
(SO 2, 9)
Instructions
Identify the effect, if any, that each of the following transactions would have upon cash and net income. The first transaction has been completed as an example.
Cash Net Income
(a) Purchased $100 of supplies for cash. -$100 $ 0
(b) Recorded an adjusting entry to record use of $30 of the above supplies.
(c) Made sales of $1,300, all on account.
(d) Received $800 from customers in payment of their accounts.
(e) Purchased equipment for cash, $2,500.
(f) Recorded depreciation of building for period used, $600.
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