DeVry NY ACCT 301 Week 1 Homework

| August 14, 2017

Problem 1 Required: Identify the financial statement on which each of the following items appears by making an X in the appropriate column. (15 points total, 1 point each) Income Balance Statement ofItem Statement Sheet Cash FlowsAccounts Payable Accounts Receivable Advertising Expense Common Stock Dividends Equipment Financing Activities Investing Activities Land Operating Activities Rent Expense Retained Earnings Revenue X Salaries Payable Utility Expense Problem 2Required: Show the effects on the financial statements using a horizontal statement model as outlined below. (35 points total, 5 points each) 1 Sold $30,000 in merchandise for cash 2 Paid $5,000 for rent with cash 3 Paid $10,000 in salaries to employees with cash 4 Sold $25,000 in merchandise and customer paid on credit 5 Collected $10,000 cash for transaction #4 6 Purchased a building for $100,000 and took out a loan for the money 7 Paid $1,200 for insurance

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