On January 12, Ferrell Incorporated obtains a permit to start a comedy club, which will operate only on Saturday nights. To prepare the club for the grand opening, Ferrell purchases tables and chairs for $13,000 cash on January 16. Ferrell also purchases cleaning supplies on account for an additional $3,000. Determine the amount of investing cash flows Ferrell would report in January.

College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter1: Asset, Liability, Owner’s Equity, Revenue, And Expense Accounts
Section: Chapter Questions
Problem 1PB: In July of this year, M. Wallace established a business called Wallace Realty. The account headings...
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On January 12, Ferrell Incorporated obtains a permit to start a comedy club, which will operate only on Saturday nights. To prepare the club for the grand opening, Ferrell purchases tables and chairs for $13,000 cash on January 16. Ferrell also purchases cleaning supplies on account for an additional $3,000. Determine the amount of investing cash flows Ferrell would report in January.

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