Selected transactions completed by a proprietorship are described below. Indicate the effects of each transaction on assets (A), liabilities (L), and owner's equity (OE) byinserting "+" for increase, "-" for decrease, and "NE" for no effect in the appropriate columns at the right. If appropriate, you may insert more than one symbol in a column.OEReceived cash from owner as an(a)additional investment(b)Purchased supplies on account(c)Paid rent for the current month(d)Received cash for services sold tocustomersReturned some defective supplies(e)purchased in (b)(f)Paid insurance premiums in advance(g)Paid cash to creditor for purchases in (b)(h)Charged customers for services sold onaccountPaid cash to a customer as a refund for(i)an overchargeReceived cash on account from customers(j)(k)Owner withdrew cash for personal useRecorded the cost of supplies used during(1)the year (m)Received invoice for electricity used(n)Paid wages(0)Purchased a truck for cash

Accounting equation: Accounting equation is an accounting tool expressed in the form of equation, by…

Answered: Selected transactions completed by a…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter16: Statement Of Cash Flows

Section: Chapter Questions

Problem 2EA: In which section of the statement of cash flows would each of the following transactions be...

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Similar questions

In which section of the statement of cash flows would each of the following transactions be included? For each, identify the appropriate section of the statement of cash flows as operating (O), investing (I), financing (F), or none (N). (Note: some transactions might involve two sections.) A. paid advertising expense B. paid dividends to shareholders C. purchased business equipment D. sold merchandise to customers E. purchased plant assets
Which of these transactions would be part of the investing section? A. land purchased, with note payable B. sales of product, for cash C. cash paid for purchase of equipment D. dividend payments to shareholders, paid in cash
Which of the following would be classified as a cash outflow from an operating activity? a. Purchase of an investment b. Payment of dividends c. Purchase of equipment d. Payment of goods purchased from suppliers
In which section of the statement of cash flows would each of the following transactions be included? For each, identify the appropriate section of the statement of cash flows as operating (O), investing (I), financing (F), or none (N). (Note: some transactions might involve two sections.) A. collected accounts receivable from customers B. issued common stock for cash C. declared and paid dividends D. paid accounts payable balance E. sold a long-term asset for the same amount as purchased
In which section of the statement of cash flows would each of the following transactions be included? For each, identify the appropriate section of the statement of cash flows as operating (O), investing (I), financing (F), or none (N). (Note: some transactions might involve two sections.) A. purchased stock in Xerox Corporation B. purchased office supplies C. issued common stock D. sold plant assets for cash E. sold equipment for cash
Which of the following is the correct order of preparing the financial statements? A. income statement, statement of cash flows, balance sheet, statement of owners equity B. income statement, statement of owners equity, balance sheet, statement of cash flows C. income statement, balance sheet, statement of owners equity, statement of cash flows D. income statement, balance sheet, statement of cash flows, statement of owners equity
In which section of the statement of cash flows would each of the following transactions be included? For each, identify the appropriate section of the statement of cash flows as operating (O), investing (I), financing (F), or none (N). (Note: some transactions might involve two sections.) A. borrowed from the bank for business loan B. declared dividends, to be paid next year C. purchased treasury stock D. purchased a two-year insurance policy E. purchased plant assets
Which of these transactions would be part of the financing section? A. inventory purchased for cash B. sales of product, for cash C. cash paid for purchase of equipment D. dividend payments to shareholders, paid in cash
Which of these statements is not one of the financial statements? A. income statement B. balance sheet C. statement of cash flows D. statement of owner investments
On which financial statement would the Supplies account appear? A. Balance Sheet B. Income Statement C. Retained Earnings Statement D. Statement of Cash Flows
On which financial statement would the Accumulated Depreciation account appear? A. Balance Sheet B. Income Statement C. Retained Earnings Statement D. Statement of Cash Flows
Which financial statement shows the financial performance of the company on a cash basis? A. balance sheet B. statement of owners equity C. statement of cash flows D. income statement

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