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                                                     xAccounts 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 = Income1                                       30,000 =               + 30,000            30,000 –      –        = 30,000

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