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VMariaS [17]
2 years ago
8

Illustrate the effects of each of the transactions on the accounts and financial statements of Snipes Company.

Business
1 answer:
Lesechka [4]2 years ago
4 0

Answer:

Snipes Company

Effects of each transaction on the accounts and the financial statements of Snipes Company:

                           Balance Sheet    Income Statement           Statement of

                                                                                                    Cash Flows

      Assets = Liabilities + Equity   Revenue - Expense = Profit

+ $18,250  =     0        + $18,250  + $18,250 - 0            + $18,250

Accounts receivable $18,250 Sales revenue $18,250

      Assets = Liabilities + Equity   Revenue - Expense = Profit

   -$10,000 =     0        - $10,000     0          - $10,000

Cost of goods sold $10,000 Inventory $10,000

      Assets = Liabilities + Equity   Revenue - Expense = Profit

  -$400             0           -$400          0         -$400              -$400 Operating activity

Transportation-out expense $400 Cash $400

Explanation:

a) Data and Analysis:

Accounts receivable $18,250 Sales revenue $18,250

Cost of goods sold $10,000 Inventory $10,000

Transportation-out expense $400 Cash $400

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Explanation:

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