Excel #2.xlsx - Student Name Class Problem 07-21A...

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Student Name: Class: Problem 07-21A Requirement a. NORTHWEST SALES Effect of Transactions on Financial Statements Event Assets = Liabilities + Equity Revenue - Expenses = Net Income Cash Flows 2016 1 + NA + NA NA NA + FA 2 + - NA NA NA NA NA - OA 3a. + NA + + NA + + OA 3b. + NA + + + + NA 3c. + NA + + NA + + NA 3d. - NA - NA + - NA 4 + - NA NA NA NA NA + OA 5 + - NA NA NA NA NA + OA 6 - NA - NA + - - OA 7 - NA - NA + - NA Requirement b. NORTHWEST SALES General Journal, 2016 Event Account Titles Debit Credit 1 Cash $200,000 Common Stock $200,000 <--Correct! 2 Merchandise Inventory $900,000 Cash $900,000 <--Correct! 3a Cash $520,000 Sales Revenue $520,000 <--Correct! 3b Accounts Receivable - Credit Card Co. $364,800 Credit Card Expense $15,200 Sales Revenue $380,000 <--Correct! 3c Accounts Receivable $300,000 Sales Revenue $300,000 <--Correct! 3d Cost of Goods Sold $710,000 Merchandise Inventory $710,000 <--Correct! 4 Cash $364,800 Accounts Receivable - Credit Card Co. $364,800 <--Correct!
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Student Name: Class: Problem 07-21A 5 Cash $210,000 Accounts Receivable $210,000 <--Correct! 6 Selling and Administrative Expense $190,000 Cash $190,000 <--Correct! 7 Uncollectible Accounts Expense $4,500 Allowance for Doubtful Accounts $4,500 <--Correct!
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Student Name: Class: Problem 07-21A
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