Question #6: For each of the following independent cases: a) Record the transaction using the accounting equation....

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Accounting

Question #6: For each of the following independentcases:
a) Record the transaction using the accounting equation. Bespecific about account names & $ amounts.
b) Indicate the effect of each transaction on the Statement ofCash Flow (SCF). Specify which section(s) of the SCF thetransaction affects and in what direction. If there is no effect onthe SCF, write “no effect”.
Recognized $41,000 of salaries & wages expenses. Paid$34,000 cash. The remainder is to be paid in the followingquarter.
Accounting Equation
Statement of Cash Flow

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Answer a Accouting equation is Assets Liabilities Shareholders equity 1 Recognized 41000 of salaries wages expenses Here two accounts will be affected by 41000 salary account will be debited by 41000 outstanding salary account will be credited by 41000 See Answer

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