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A) M. E. Carter launched Carter Company, a professional services firm on March 1. The firm...


A) M. E. Carter launched Carter Company, a professional services firm on March 1. The firm will prepare financial statements
A) M. E. Carter launched Carter Company, a professional services firm on March 1. The firm will prepare financial statements at each month-end. In March (its first month), Carter executed the following trans-actions. Enter the transactions below into the financial statement effects template shown in the module. I. Issue common stock for $10,000 cash II. Sell inventory costing $9,000 for $18,000 on credit ΠΙ. Receive $700 cash in advanced for future consulting services Pay $3,500 cash toward accounts payable V. The company paid $700 cash in dividends to Carter (owner) (10 Points) IV.
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ReportAnswer #1
Balance Sheet Income Statement
Transaction Cash
Asset
+ Noncash
Assets
= Liabilities + Contributed
Capital
+ Earned
Capital
RevenuEs - Expenses = Net income
I $10,000 + = + $10,000 + - =
II + $18,000 = + + $18,000 $18,000 - = $18,000
+ ($9,000) = + + ($9,000) - $9,000 = ($9,000)
III $700 + = $700 + + - =
IV ($3,500) + = ($3,500) + + - =
V ($700) + = + + ($700) - =
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