Receivable assets assets 6000 ar 6000 cash 6000 liab

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: ble. Assets = Assets - 6,000 (A/R) + 6,000 (cash) 6,000 Liab. n/a + C. Stock + Ret. Earn. n/a n/a Income Statement: net income was not affected Statement of Changes in Equity: equity was not Statement affected affected Statement of Cash Flows: net cash flow increased Selected T-accts for Our Co. Selected Cash xx beg. bal. 6,000 Accts Rec. 1,050 (bal.) 9,000 6,000 4,050 (bal.) Allow. for Doubt. Acc. (bal.) 70 Revenue 9,000 Bad Debt Expense Transaction 3 Transaction The $50 account receivable of John The Smith was written-off as uncollectible. Smith Assets = Assets - 50 (A/R) + 50 (Allow.) 50 Liab. n/a + C. Stock + Ret. Earn. n/a n/a Income Statement: net income was not affected Statement of Changes in Equity: equity was not Statement affected affected Statement of Cash Flows: cash flow was not affected affected Selected T-accts for Our Co. Selected Cash xx beg. bal. 6,000 Accts Rec. 1,050 (bal.) 6,000 9,000 50 4,000 (bal.) Allow. for Doubt. Acc. 50 (bal.) 70 (bal.) 20 Revenue 9,000 Bad Debt E...
View Full Document

This document was uploaded on 10/29/2013.

Ask a homework question - tutors are online