Acct301 Devry Accounting Week 1 Homework

Acct301 Devry Accounting
Week 1 Homework

Problem 1
Required: Identify the financial statement on which each of the following items appears by making an X in the appropriate column. The first one is done for you! (15 points total, 1 point each)

Item
Accounts Payable
Accounts Receivable
Advertising Expense
Common Stock
Dividends
Equipment
Financing Activities
Investing Activities
Land
Operating Activities
Rent Expense
Retained Earnings
Revenue
Salaries Payable
Utility Expense

Problem 2
Required: Identify the financial statement on which each of the following items appears by making an X in the appropriate column. The first one is done for you! (35 points total, 5 points each)
1 Sold $30,000 in merchandise for cash
2 Paid $5,000 for rent with cash
3 Paid $10,000 in salaries to employees with cash
4 Sold $25,000 in merchandise and customer paid on credit
5 Collected $10,000 cash for transaction #4
6 Purchased a building for $100,000 cash
7 Paid $1,200 in advance for insurance
Powered by