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Q: Transactions that affect earnings do not necessarily affect cash. Identify the effect, if any, that each of the following transactions would have upon cash and net income. The first transaction has
been completed as an example. (If an amount has a decreasing effect use either a negative sign preceding the number, e.g. -45 or parenthesis, e.g. (45). Do not use a dollar sign $ for negative answers.) Cash Net Income (a) Purchased $100 of supplies for cash. -$100 $0 (b) Recorded an adjusting entry to record use of $40 of the above supplies. (c) Made sales of $1,300, all on account. (d) Received $800 from customers in payment of their accounts. (e) Purchased equipment for cash, $2,500. (f) Recorded depreciation of building for period used, $600.
A: The answers are (a) just (100) .. no 0 (b) doesn't effect cash (c) 1,300 <- you're receivables go up.. not cash (d) 800 <- -cash went up (e) (2,500) <- - cash went down because you purchased an item (f) 600 <- you add depreciation
Expert answered|armageddon|Points 586|
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Asked 4/5/2013 5:27:23 AM
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