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Graded Assignment Question 1 of 8 View Policies Current Attempt in Progress Transactions that affect...

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Accounting

Graded Assignment Question 1 of 8 View Policies Current Attempt in Progress Transactions that affect earnings 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 eg. -15,000 or parentheses e.g. (15,000).) Net Income Cash $0 (a) Purchased $86 of supplies for cash. -$86 $1500) (a) Purchased $86 of supplies for cash. (b) Recorded an adjustment to record use of $19 of the above supplies. (c) Made sales of $1,118, all on account. (d) Received $688 from customers in payment of their accounts

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