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Quiz 1 - Name_4-Digit_Section Financial Statement...

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Name_ ___________________4-Digit # _____Section___ Financial Statement Relationships : [093Q1] For each of the independent fact situations below determine the effects on each of the financial statement elements shown in the following grid. Show the dollar amounts of the increases with a '+' and decreases with a '-'. Specific accounts names do not have to be used (but could be used). 1. The firm received $310,000 total cash from two investors when the firm was founded. 2. Today the firm signed a lease and moved into an office space for a one-year period starting today. All of the cash for the entire year was paid today. The monthly rate is $900. 3. The firm leased a computer for two years starting today and paid for the first three months today. The monthly rental rate is $400. 4. One month of the one-year office rental has expired. 5. The firm purchased some office supplies on account at a cost of $2,000. 6. The firm purchased some office supplies for cash paying $3,000. 7. The firm used 60% of its office supplies in the first month. 8. The firm’s five employees were paid for one month’s work except for one employee
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