Transactions that affect net income do not necessarily affect cash. Identify the effect, if any,...
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Transactions that affect net income do not necessarily affect cash. Identify the effect, if any, that each of the following transactions would have upon cash and net income. The first transaction has been completed as an example. (If an amount reduces the account balance then enter with negative sign preceding the number e.g. -15,000 or parentheses e.g. (15,000).) a. Purchased $110 of supplies for cash. b. Recorded an adjusting entry to record use of $20 of the above supplies. c. Made sales of $1,500, all on account. d. Received $850 from customers in payment of their accounts. e. Purchased equipment for cash, $2,550. f. Recorded depreciation of building for period used, $740. LA $ $ LA $ +A $ Cash -$110 $ GA LA $ LA $ $ Net Income $0 
Transactions that affect net income do not necessarily affect cash. Identify the effect, if any, that each of the following transactions would have upon cash and net income. The first transaction has been completed as an cxample. (If an omount reduces the account balance then enter with negative sign preceding the number e.g. 15,000 or parentheses e.g. (15,000)
Transactions that affect net income do not necessarily affect cash. Identify the effect, if any, that each of the following transactions would have upon cash and net income. The first transaction has been completed as an example. (If an amount reduces the account balance then enter with negative sign preceding the number e.g. -15,000 or parentheses e.g. (15,000).) a. Purchased $110 of supplies for cash. b. Recorded an adjusting entry to record use of $20 of the above supplies. c. Made sales of $1,500, all on account. d. Received $850 from customers in payment of their accounts. e. Purchased equipment for cash, $2,550. f. Recorded depreciation of building for period used, $740. LA $ $ LA $ +A $ Cash -$110 $ GA LA $ LA $ $ Net Income $0
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