Question

In the figure provided, which line segment indicates output?

Rogers Company completed the following transactions during Year 1. Rogers's fiscal year ends on December 31. Jan. 8 Purchased merchandise for resale on account. The invoice amount was $14,860, assume a perpetual inventory system 17 Paid January 8 invoice Apr. 1 Borrowed $35.000 from National Bank for general use, signed a 12-month, 8% annual interest-bearing note for the money June 3 Purchased merchandise for resale on account. The invoice amount was $17.420. July 5 Paid June 3 invoice Aug. 1 Rented office space in one of Rogers's buildings to another company and collected six months rent in advance amounting to 50.000 Dec 20 Received a $100 deposit from a customer as a guarantee to return a trailer borrowed for 30 days. 31 Determined wages of $9,500 were earned but not yet paid on December 31 (disregard payroll taxes) Required: 1. For each transaction indicate the effects (e.g.cash + or -), using the following schedule Indicate the direction of the effect by selecting the dropdown menu.) for increase for decrease Assets Liabilities Stockholders' Equity Date January 8 January 17 April 1 June 3 July 5 August 1 December 20 December 31 wages December 31 interest December 31 rent MIT

Answer 1

Answers: Date Assets Jan-08 Inventory Jan-17 Cash Apr-01 Bank Jun-03 Inventory Jul-05 Cash Aug-01 Cash Dec-20 Cash Dec-31 Wages Dec-31 Interest Dec-31 Rent Liability 14860 Accounts Payable -14860 Accounts Payable 35000 Short term loan 17420 Accounts Payable -17420 Accounts Payable 6000 Deferred revenue rent 100 Deposit received Wages payable Interest Payable Deferred revenue rent Equity -14860 14860 -35000 17420 17420 -6000 -100 9500 2800 1000