Show the effect, if any, of the transaction entry or adjusting entry on the appr
ID: 2417484 • Letter: S
Question
Show the effect, if any, of the transaction entry or adjusting entry on the appropriate balance sheet category or on the income statement by selecting the amount and indicating whether it is an addition (+) or a subtraction (). Column headings reflect the expanded balance sheet equation; items that affect net income should not be shown as affecting owners' equity. In some cases, only one column may be affected because all of the specific accounts affected by the transaction are included in that category. Transaction a has been completed as an illustration.
Show the effect, if any, of the transaction entry or adjusting entry on the appropriate balance sheet category or on the income statement by selecting the amount and indicating whether it is an addition (+) or a subtraction (). Column headings reflect the expanded balance sheet equation; items that affect net income should not be shown as affecting owners' equity. In some cases, only one column may be affected because all of the specific accounts affected by the transaction are included in that category. Transaction a has been completed as an illustration.
Explanation / Answer
Assets
=
Liabilities
+
Stockholder’s Equity
Net income
a
$ 550.00
=
+
$ 550.00
b
$ 360.00
=
+
-$ 360.00
c
-$ 30.00
=
+
-$ 30.00
d
-$ 800.00
=
-$ 800.00
+
e
-$ 2,600.00
=
+
-$ 2,600.00
f
=
$ 600.00
+
-$ 600.00
g
$ 1,500.00
-$ 1,500.00
=
+
Assets
=
Liabilities
+
Stockholder’s Equity
Net income
a
$ 550.00
=
+
$ 550.00
b
$ 360.00
=
+
-$ 360.00
c
-$ 30.00
=
+
-$ 30.00
d
-$ 800.00
=
-$ 800.00
+
e
-$ 2,600.00
=
+
-$ 2,600.00
f
=
$ 600.00
+
-$ 600.00
g
$ 1,500.00
-$ 1,500.00
=
+
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