FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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### Assessing Financial Statement Effects of Transactions **DeFond Services**, a firm providing art services for advertisers, began business on June 1. The following accounts are needed to record the transactions for June: - **Cash** - **Accounts Receivable** - **Supplies** - **Office Equipment** - **Accounts Payable** - **Common Stock** - **Dividends** - **Service Fees Earned** - **Rent Expense** - **Utilities Expense** - **Wages Expense** Record the following transactions for June using the financial statement effects template. (Record each transaction in the order it appears.) #### Transactions for June: 1. **June 1:** M. DeFond invested $12,000 cash to begin the business in exchange for common stock. 2. **June 2:** Paid $950 cash for June rent. 3. **June 5:** Purchased $6,400 of office equipment on credit. 4. **June 6:** Purchased $3,800 of art materials and other supplies; the company paid $1,800 cash with the remainder due within 30 days. 5. **June 11:** Billed clients $4,700 for services rendered. 6. **June 17:** Collected $3,250 cash from clients on their accounts billed on June 11. 7. **June 20:** Paid $5,000 cash toward the account for office equipment (see June 3). 8. **June 25:** Paid $900 cash for dividends. 9. **June 26:** Paid $350 cash for June utilities. 10. **June 30:** Paid $2,500 cash for June wages. ### Graph Explanation The **Balance Sheet** and **Income Statement** diagram shown below the transactions is used to illustrate how each transaction impacts various financial statement elements. The template includes columns for: - **Transaction**: Chronological listing of transactions. - **Balance Sheet**: - **Cash** - **Noncash Assets** - **Liabilities** - **Contributed Capital** - **Earned Capital** - **Income Statement**: - **Revenue** - **Expenses** - **Net Income** Each transaction is categorized into one or more components of the financial statements, demonstrating the effect on both the balance sheet and the income statement. For example: - When M. DeFond invests $12,000 cash, it increases **Cash (Asset)** and **
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Transcribed Image Text:### Assessing Financial Statement Effects of Transactions **DeFond Services**, a firm providing art services for advertisers, began business on June 1. The following accounts are needed to record the transactions for June: - **Cash** - **Accounts Receivable** - **Supplies** - **Office Equipment** - **Accounts Payable** - **Common Stock** - **Dividends** - **Service Fees Earned** - **Rent Expense** - **Utilities Expense** - **Wages Expense** Record the following transactions for June using the financial statement effects template. (Record each transaction in the order it appears.) #### Transactions for June: 1. **June 1:** M. DeFond invested $12,000 cash to begin the business in exchange for common stock. 2. **June 2:** Paid $950 cash for June rent. 3. **June 5:** Purchased $6,400 of office equipment on credit. 4. **June 6:** Purchased $3,800 of art materials and other supplies; the company paid $1,800 cash with the remainder due within 30 days. 5. **June 11:** Billed clients $4,700 for services rendered. 6. **June 17:** Collected $3,250 cash from clients on their accounts billed on June 11. 7. **June 20:** Paid $5,000 cash toward the account for office equipment (see June 3). 8. **June 25:** Paid $900 cash for dividends. 9. **June 26:** Paid $350 cash for June utilities. 10. **June 30:** Paid $2,500 cash for June wages. ### Graph Explanation The **Balance Sheet** and **Income Statement** diagram shown below the transactions is used to illustrate how each transaction impacts various financial statement elements. The template includes columns for: - **Transaction**: Chronological listing of transactions. - **Balance Sheet**: - **Cash** - **Noncash Assets** - **Liabilities** - **Contributed Capital** - **Earned Capital** - **Income Statement**: - **Revenue** - **Expenses** - **Net Income** Each transaction is categorized into one or more components of the financial statements, demonstrating the effect on both the balance sheet and the income statement. For example: - When M. DeFond invests $12,000 cash, it increases **Cash (Asset)** and **
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