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

تمرين 60

Effects of Transactions on the Financial Statements
Listed below are eight transactions the Foster Corporation made during November:
a.ssued stock in exchange for cash.
b.urchased land.ade partial payment with cash and issued a note payable for the remaining balance.
c.ecorded utilities expense for November.ayment is due in mid-December.
d.urchased office supplies with cash.
e.aid outstanding salaries payable owed to employees for wages earned in October.
f.eclared a cash dividend that will not be paid until late December.
g.old land for cash at an amount equal to the land's historical cost.
h.ollected cash on account from customers for services provided in September and October.
Indicate the effects of the above transaction s on each of the financial statement elements shown in the column headings below.se the following symbols: I = Increase, D = Decrease, and N E = no effect