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Seved Chapter 2 Quiz Hart. Attorney at Law, experienced the following transactions in 2018, the first...


Seved Chapter 2 Quiz Hart. Attorney at Law, experienced the following transactions in 2018, the first year of operations 1 1.
Seved Chapter 2 Quiz Hart. Attorney at Law, experienced the following transactions in 2018, the first year of operations 1 1. Accepted $15.500 on April 1. 2018, as a retainer for services to be performed evenly over the next 12 months. 2. Performed legal services for cash of $66,000. 3. Purchased $1,100 of office supplies on account. 4. Paid $990 of the amount due on accounts payable. 5. Paid a cash dividend to the stockholders of $4,600. 6. Paid cash for operating expenses of $21,700 7. Determined that at the end of the accounting period $115 of office Supplies remained on hand. 8. On December 31, 2018, recognized the revenue that had been earned for services performed in accordance with Transaction 1 Ask Print Required Show the effects of the events on the financial statements using a horizontal statements model like the following one. In the Cash Flows column, use OA to designate operating activity, FA for financing activity, IA for investing activity, or NC for net change in cash. If the element is not affected by the event, leave the cell blank. The first event has been recorded as an example. (Do not round intermediate calculations. Enter any decreases to account balances and cash outflows with a minus sign. Not all cells will require entry) Assets HART, ATTORNEY AT LAW Effect of Transactions on the Financial Statements for 2018 Stockholders Liabilities Income Statement Equity Accounts Unearned Retained Revenue Statement of Cash Expense Earnings Payable Net Income Revenue Flow 15,500 15 500 ОА Event No Cash Supplies 1 15,500 + 2 + 3 4 5 6 7 Totals
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E MI Event No Statement of cash flow 15500 OA 66000 OA 1 2 Heart, Attorney at Law Stockholders Assets (=) Liabilities Income

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