Assets Capital Other Earnings Comprehensive Income + 25,000 + 25,000 - 19,000 - 19,000 2. Staples purchased $8,500 of raw material inventory on account. Cash + Non-Cash = Liabilities + Contributed + Accumulated + Retained Assets Capital Other Earnings Comprehensive Income + 8,500 + 8,500 3. The company paid $2,500 for property insurance for the next 12 months. Cash + Non-Cash = Liabilities + Contributed + Accumulated + Retained Assets Capital Other Earnings Comprehensive Income - 2,500 + 2,500 4. Staples paid its employees $5,000 for the month. Cash + Non-Cash = Liabilities + Contributed + Accumulated + Retained Assets Capital Other Earnings Comprehensive Income - 5,000 - 5,000 5. The company purchased $1,000 of supplies on account. Cash + Non-Cash = Liabilities + Contributed + Accumulated + Retained Assets Capital Other Earnings Comprehensive Income + 1,000 + 1,000 6. Staples issued $25,000 of long-term debt. Cash + Non-Cash = Liabilities + Contributed + Accumulated + Retained Assets Capital Other Earnings Comprehensive Income + 25,000 + 25,000 7. The company used $10,000 of excess cash to purchase marketable securities. Cash + Non-Cash = Liabilities + Contributed + Accumulated + Retained Assets Capital Earnings Comprehensive Income - 10,000 + 10,000 8. Staples purchased a machine for $16,000 using $8,000 cash with the balance on account. Cash + Non-Cash = Liabilities + Contributed + Accumulated + Retained Assets Capital Other Earnings Comprehensive Income - 8,000 + 16,000 + 8,000 9. Staples paid $2,500 for interest expense on the long-term debt. Cash + Non-Cash = Liabilities + Contributed + Accumulated + Retained Assets Capital Earnings
Assets Capital Other Comprehensive Income Earnings + 25,000 + 25,000 - 19,000 - 19,000 2. Staples purchased $8,500 of raw material inventory on account. Cash + Non-Cash Assets = Liabilities + Contributed Capital + Accumulated Other Comprehensive Income + Retained Earnings + 8,500 + 8,500 3. The company paid $2,500 for property insurance for the next 12 months. Cash + Non-Cash Assets = Liabilities + Contributed Capital + Accumulated Other Comprehensive Income + Retained Earnings - 2,500 + 2,500 4. Staples paid its employees $5,000 for the month. Cash + Non-Cash Assets = Liabilities + Contributed Capital + Accumulated Other Comprehensive Income + Retained Earnings - 5,000 - 5,000 5. The company purchased $1,000 of supplies on account. Cash + Non-Cash Assets = Liabilities + Contributed Capital + Accumulated Other Comprehensive Income + Retained Earnings + 1,000 + 1,000 6. Staples issued $25,000 of long-term debt. Cash + Non-Cash Assets = Liabilities + Contributed Capital + Accumulated Other Comprehensive Income + Retained Earnings + 25,000 + 25,000 7. The company used $10,000 of excess cash to purchase marketable securities. Cash + Non-Cash Assets = Liabilities + Contributed Capital + Accumulated Comprehensive Income + Retained Earnings - 10,000 + 10,000 8. Staples purchased a machine for $16,000 using $8,000 cash with the balance on account. Cash + Non-Cash Assets = Liabilities + Contributed Capital + Accumulated Other Comprehensive Income + Retained Earnings - 8,000 + 16,000 + 8,000 9. Staples paid $2,500 for interest expense on the long-term debt. Cash + Non-Cash Assets = Liabilities + Contributed Capital + Accumulated + Retained Earnings
Test-bank-for-Financial-Reporting,-Financial-Statement-Analysis-and-Valuation,-8th-Edition-James-M.-Wahlen.docx