Analyzing Transactions Using the Financial Statement Effects Template
Following are selected t...
Analyzing Transactions Using the Financial Statement Effects Template
Following are selected transactions of Mogg Company. Record the effects of each using the financial statement effects template.
Shareholders contribute $7,500 cash to the business in exchange for common stock. Employees earn $375 in wages that have not been paid at period-end. Inventory of $2,250 is purchased on credit. The inventory purchased in transaction 3 is sold for $3,375 on credit. The company collected the $3,375 owed to it per transaction 4. Equipment is purchased for $3,750 cash. Depreciation of $750 is recorded on the equipment from transaction 6. The Supplies account had a $3,800 balance at the beginning of this period; a physical count at period-end shows that $600 of supplies are still available. No supplies were purchased during this period. The company paid $7,500 cash toward the principal on a note payable; also, $375 cash is paid to cover this note's interest expense for the period. The company receives $6,000 cash in advance for services to be delivered next period.
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