The following is a set of transactions for Hoosier corporation for the month of oct 20x1. For each of the following indicate the impact is the transaction on the Balance sheet, income statement, and statement of cash flows for oct 20x1. The first transaction is provided as examples and is correct. Place parenthesis around amount to indicate negative numbers if there is no effect leave the cell blank. TransactionOwner invests$162,000 cash in thebusinessBorrowed $10,000due in five yearsPaid October's rent,$1000Received cash forOctober's servicesperformed forcustomers, $3000Purchased supplieson credit in October,$500Paid for the suppliespurchased above inOctoberReceived paymentsfrom customers forservices performed inJanuary, $1200Billed customers forservices performed inOctober, $7000Bought land paying$10,000 cashReceived a bill forOctober's utilities,$250Accessibility: InvestigateTotalAssets162,000}W7Joe collected less than $50 000 cashBalance SheetDOwners'TotalLiabilities Equity162,000IncomeStatementNetIncomeCStatement of Cash FlowsOperating Financing Investing162,000wwwwwwFocus9,782

In balance sheet, the following accounting equation must be maintained in each case of transaction.…

Answered: The following is a set of transactions…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 19EB: A business has the following transactions: A. The business is started by receiving cash from an...

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The following is a set of transactions for Hoosier corporation for the month of oct 20x1. For each of the following indicate the impact is the transaction on the Balance sheet, income statement, and statement of cash flows for oct 20x1. The first transaction is provided as examples and is correct. Place parenthesis around amount to indicate negative numbers if there is no effect leave the cell blank.

Transaction
Owner invests
$162,000 cash in the
business
Borrowed $10,000
due in five years
Paid October's rent,
$1000
Received cash for
October's services
performed for
customers, $3000
Purchased supplies
on credit in October,
$500
Paid for the supplies
purchased above in
October
Received payments
from customers for
services performed in
January, $1200
Billed customers for
services performed in
October, $7000
Bought land paying
$10,000 cash
Received a bill for
October's utilities,
$250
Accessibility: Investigate
Total
Assets
162,000
}
W
7
Joe collected less than $50 000 cash
Balance Sheet
D
Owners'
Total
Liabilities Equity
162,000
Income
Statement
Net
Income
C
Statement of Cash Flows
Operating Financing Investing
162,000
wwwwww
Focus
9,782

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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