Question and answer
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.
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|
Question
Asked 4/5/2013 5:27:23 AM
0 Answers/Comments
Get an answer
New answers
Rating

There are no new answers.

Comments

There are no comments.

Add an answer or comment
Log in or sign up first.
21,971,524 questions answered
Popular Conversations
mesosphere
Weegy: Stratospher is between the troposphere and the mesosphere in earths atmosphere. User: stratosphere User: ...
9/1/2015 5:07:52 PM| 4 Answers
The etymology of a word is sometimes reflected in its ...
Weegy: Have a great day! Ask Weegy again soon User: The transition word(s) that would best introduce an example ...
8/31/2015 6:25:44 AM| 2 Answers
Find the value of 83 - [59 - (22 - 18)].
Weegy: 83 - (59 - (22 - 18)) =83 - (59 - 4) =83 - 55 =28 User: Find the value of 5 · 2 ^3
8/31/2015 8:28:09 AM| 2 Answers
Find two consecutive integers whose sum is 67. Which of the ...
Weegy: To find two consecutive integers whose sum is 67 use the equation 2x + 1= 67 2x + 1= 67 2x = 67 - 1 2x = ...
8/31/2015 9:51:16 AM| 2 Answers
Weegy Stuff
S
1
L
L
P
R
Points 27 [Total 9350]| Ratings 0| Comments 27| Invitations 0|Online
S
L
L
P
1
Points 27 [Total 9337]| Ratings 1| Comments 17| Invitations 0|Offline
S
Points 25 [Total 809]| Ratings 0| Comments 25| Invitations 0|Offline
S
Points 21 [Total 326]| Ratings 0| Comments 21| Invitations 0|Offline
S
Points 9 [Total 197]| Ratings 0| Comments 9| Invitations 0|Offline
S
Points 9 [Total 233]| Ratings 0| Comments 9| Invitations 0|Offline
Points 0 [Total 0]| Ratings 0| Comments 0| Invitations 0|Offline
Points 0 [Total 0]| Ratings 0| Comments 0| Invitations 0|Offline
S
Points 0 [Total 0]| Ratings 0| Comments 0| Invitations 0|Offline
S
Points 0 [Total 0]| Ratings 0| Comments 0| Invitations 0|Offline
Home | Contact | Blog | About | Terms | Privacy | Social | ©2015 Purple Inc.