07 Jan Show how each of the following transactions affect
Show how each of the following transactions affects the basic accounting equation by preparing a table like the one in Exhibit 2-3, and identify the ones that have an immediate impact on the statement of income and/or the statement of cash flows: Exhibit 2-3 a. Bought parts inventory for $15,000, on account. (The company repairs and services vehicles, and will use these parts for repairs.) b. Paid $12,000 to suppliers as partial payment for the purchases that were made in transaction a. c. Received $20,000 in cash for repairing and servicing vehicles; another $5,000 of work was done on account. d. Collected $3,000 from customers for the work that was done on account in transaction c. The balance remains outstanding. e. In the repair work done in transaction c, $10,000 of the parts and supplies inventory was used. f. The owners of the company invested a further $25,000 in the business, and 10,000 additional common shares were issued to them. g. Received utility (electricity, water, and telephone) bills for the month that totalled $600. Paid all these bills except for $100 that will be paid next month. h. Borrowed $50,000 from the bank. i. Bought a vehicle hoist for $45,000. j. Paid the employees their wages for the month, $9,000. k. Recorded accrued interest of $200 on the bank loan. The interest will be paid when the loan is due, in one year.
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