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Test Bank For Introductory Financial Accounting for Business Thomas Edmonds 1st Edition

ISBN-10 ‏ : ‎ 1260299449
ISBN-13 ‏ : ‎ 978-1260299441
Publisher ‏ : ‎ McGraw Hill; 1st edition
Authors: Thomas Edmonds, Christopher Edmonds

Original price was: $60.00.Current price is: $30.00.

SKU:TB000874

Test Bank For Introductory Financial Accounting for Business Thomas Edmonds 1st Edition

Chapter 2 Accounting for Accruals 

Indicate how each event affects the elements of financial statements. Use the following letters to record your answer in the box shown below each element. You do not need to enter dollar amounts. (Note that “Not Affected” means that the event does not affect that element of the financial statements or the event causes an increase in that element that is offset by a decrease in the same element.)

Increase = I Decrease = D Not Affected = NA

1) Walker Co. issued common stock for $150,000 cash.

Assets

Liabilities

Equity

Revenues

Expenses

Net Income

Stmt of Cash Flows

2) Nguyen Co. borrowed $50,000 cash from Metropolitan Bank.

Assets

Liabilities

Equity

Revenues

Expenses

Net Income

Stmt of Cash Flows

3) Bell Co. provided consulting services for $20,000 cash.

Assets

Liabilities

Equity

Revenues

Expenses

Net Income

Stmt of Cash Flows

4) Pierce Co. paid $40,000 cash to purchase land.

Assets

Liabilities

Equity

Revenues

Expenses

Net Income

Stmt of Cash Flows

5) Perez Co. paid $220,000 cash for salaries expense.

Assets

Liabilities

Equity

Revenues

Expenses

Net Income

Stmt of Cash Flows

6) Epstein Co. paid $20,000 in cash dividends to its owners.

Assets

Liabilities

Equity

Revenues

Expenses

Net Income

Stmt of Cash Flows

7) North Co. issued a note to purchase a building.

Assets

Liabilities

Equity

Revenues

Expenses

Net Income

Stmt of Cash Flows

8) Banks Co. performed $5,000 of services for customers on account.

Assets

Liabilities

Equity

Revenues

Expenses

Net Income

Stmt of Cash Flows

9) Todd Co. collected $2,000 cash from customers in partial settlement of its accounts receivable.

Assets

Liabilities

Equity

Revenues

Expenses

Net Income

Stmt of Cash Flows

10) Angstrom Co. provided $2,600 of services for a customer who paid $1,000 cash immediately and promised to pay an additional $1,600 one month later.

Assets

Liabilities

Equity

Revenues

Expenses

Net Income

Stmt of Cash Flows

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