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For each of the following transactions indicate how they impact the following Financial Statements • Balance sheet •...

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Question

Accounting

For each of the following transactions indicate how theyimpact the following Financial Statements

• Balance sheet

• Income statement

A.Owner contributes cash to finance the company’s growth

B. Company closes on a bank loan to purchase new equipment

C. Company pays rent expense to landlord

D. Company bills client for work in progress

E. Company collects outstanding accounts receivable

F. Company records invoices for materials delivered tojobsite

  G. Company pays accounts payable balance to materialsupplier

H. Company allocates insurance expenses to job costs

I. Owners take a distribution to pay personal income taxes

J. Company charges overhead payroll to job cost

Answer & Explanation Solved by verified expert
4.0 Ratings (641 Votes)
event Impact on Balance sheet Income statement A Increases owners equity and increases cash no impact B Increases liabilities long term debt increases assets by increasing cash    See Answer
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