Determine the financial effect on the balance sheet and income statement for each of the following independent events using the Transaction Analysis Template.a. Paid $8,000 to supplier for purchases made on account.b. Received cash for services rendered during the current month, $6,000.c. Paid wages for the week, $1,800.d. Paid interest on a note payable, $400.Note: Use negative signs with answers, when appropriate. Balance Sheet Income Statement Stockholders' TransactionAssets=Liabilities+Equity Revenues-Expenses=Net Incomea. Paid supplier for purchases made on account.Answer Answer Answer Answer Answer Answer b. Received cash for services rendered.Answer Answer Answer Answer Answer Answer c. Paid wages for the week.Answer Answer Answer Answer Answer Answer d. Paid interest on a note payable.Answer Answer Answer Answer Answer AnswerIncorrectMark 0.00 out of 1.00

Assets=Liabilities+Stockholders' Equity

Answered: Determine the financial effect on the…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter2: Analyzing Transactions: The Accounting Equation

Section: Chapter Questions

Problem 4SEB: EFFECTS OF TRANSACTIONS (BALANCE SHEET ACCOUNTS) Jon Wallace started a business. During the first...

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Determine the financial effect on the balance sheet and income statement for each of the following independent events using the Transaction Analysis Template.
a. Paid $8,000 to supplier for purchases made on account.
b. Received cash for services rendered during the current month, $6,000.
c. Paid wages for the week, $1,800.
d. Paid interest on a note payable, $400.
Note: Use negative signs with answers, when appropriate.

	Balance Sheet				Income Statement
					Stockholders'
Transaction	Assets	=	Liabilities	+	Equity	Revenues	-	Expenses	=	Net Income
a. Paid supplier for purchases made on account.	Answer		Answer		Answer	Answer		Answer		Answer
b. Received cash for services rendered.	Answer		Answer		Answer	Answer		Answer		Answer
c. Paid wages for the week.	Answer		Answer		Answer	Answer		Answer		Answer
d. Paid interest on a note payable.	Answer		Answer		Answer	Answer		Answer		Answer Incorrect Mark 0.00 out of 1.00