Chapter_3_-_Class_Discussion_Template_Libby_4th_edition

Chapter_3_-_Class_Discussion_Template_Libby_4th_edition -...

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Unformatted text preview: E3-3 Cash Basis Income Statement Accrual Basis Income Statement Revenues: Cash sales Customer deposits Revenues: Sales to customers Expenses: Inventory purchases Wages paid Expenses: Cost of sales Wages expense Utilities expense Profit Profit E3–6 Req. 1 and 2 Accounts Affected and Type of Account (a) (b) (c) (d) (e) (f) (g) (h) Cash Amount of Revenue Earned or Received Expense Incurred in July (Paid) in July OR Why a Revenue or an Expense Is Not Recognized Req. 3 E3–12 Date Account Title Debit Credit P3–2 Date Account Title Debit Credit Req. 2 Statement of Financial Position Shareholders’ Assets Liabilities Equity May 1 May 1 May 1 May 1 May 3 May 4 May 5 May 9 May 10 May 14 Income Statement Revenues Expenses Profit ...
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Chapter_3_-_Class_Discussion_Template_Libby_4th_edition -...

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