Financial accounting 16th Edition by Jan Williams,Susan Haka,Mark Bettner ,Joseph Carcello

تمرين 51

Effects of Transactions on the Accounting Equation
Satka Fishing Expeditions, Inc., recorded the following transactions in July:
1.rovided an ocean fishing expedition for a credit customer; payment is due August 10.
2.aid Marine Service Center for repairs to boats performed in June.In June, Satka Fishing Expeditions, Inc., had received and properly recorded the invoice for these repairs.)
3.ollected the full amount due from a credit customer for a fishing expedition provided in June.
4.eceived a bill from Baldy's Bait Shop for bait purchased and used in July.ayment is due August 3.
5.urchased a new fishing boat on July 28, paying part cash and issuing a note payable for the balance.he new boat is first scheduled for use on August 5.
6.eclared and paid a cash dividend on July 31.
Indicate the effects that each of these transactions will have upon the following six total amounts in the company's financial statements for the month of July.rganize your answer in tabular form, using the column headings shown, and use the code letters I for increase, D for decrease, and NE for no effect.he answer to transaction 1 is provided as an example.