Sales-Related Transactions The selected transactions below were completed by Affordable Supplies Co., which sells supplies primarily to wholesalers and occasionally to retail customers. Instructions: Illustrate the effects of each of the transactions on the accounts and financial statements of Affordable Supplies Co. If no account or activity is affected, select "No effect" from the dropdown list and leave the corresponding number entry box blank. Enter account decreases, cash outflows, and the income statement effects that reduce gross profit as negative amounts. Jan. 31. Paid Cashell Delivery Service $3,000 for merchandise delivered during January to customers under shipping terms of FOB destination. Balance Sheet Assets = Liabilities + Stockholders' Equity + = + Jan. 31. fill in the blank 91 fill in the blank 92 fill in the blank 93 fill in the blank 94 Statement of Cash Flows Income Statement fill in the blank 96 fill in the blank 98 Jan. 31. Received check for amount due for sale of January 6. Balance Sheet Assets = Liabilities + Stockholders' Equity + = + Jan. 31. fill in the blank 103 fill in the blank 104 fill in the blank 105 fill in the blank 106 Statement of Cash Flows Income Statement fill in the blank 108 fill in the blank 110

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter8: Revenue Recognition, Receivables, And Advances From Customers

Section: Chapter Questions

Problem 33E

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Sales-Related Transactions

The selected transactions below were completed by Affordable Supplies Co., which sells supplies primarily to wholesalers and occasionally to retail customers.

Instructions:

Illustrate the effects of each of the transactions on the accounts and financial statements of Affordable Supplies Co.

If no account or activity is affected, select "No effect" from the dropdown list and leave the corresponding number entry box blank. Enter account decreases, cash outflows, and the income statement effects that reduce gross profit as negative amounts.

Jan. 31. Paid Cashell Delivery Service $3,000 for merchandise delivered during January to customers under shipping terms of FOB destination.

		Balance Sheet
	Assets	=	Liabilities	+	Stockholders' Equity
	+		=		+
Jan. 31.	fill in the blank 91		fill in the blank 92		fill in the blank 93	fill in the blank 94
	Statement of Cash Flows		Income Statement
		fill in the blank 96			fill in the blank 98

Jan. 31. Received check for amount due for sale of January 6.

		Balance Sheet
	Assets	=	Liabilities	+	Stockholders' Equity
	+		=		+
Jan. 31.	fill in the blank 103		fill in the blank 104		fill in the blank 105	fill in the blank 106
	Statement of Cash Flows		Income Statement
		fill in the blank 108			fill in the blank 110

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