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Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter11: The Statement Of Cash Flows
Section: Chapter Questions
Problem 40E
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Question
Required
Explain how each of the following events or series of events and the related
- Paid $2,200 cash on October 1 to purchase a one-year insurance policy.
- Purchased $1,300 of supplies on account. Paid $700 cash on accounts payable. The ending balance in the Supplies account, after adjustment, was $350.
- Provided services for $7,600 cash.
- Collected $10,500 in advance for services to be performed in the future. The contract called for services to start on May 1 and to continue for one year.
- Accrued salaries amounting to $3,900.
- Sold land that cost $18,100 for $18,100 cash.
- Acquired $52,500 cash from the issue of common stock.
- Earned $10,400 of revenue on account. Collected $9,360 cash from
accounts receivable . - Paid cash for other operating expenses of $1,000.
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