Question

SLO Assessment For the following business events, please indicate the increase (+) or decrease (-) on the following income statement and balance sheet categories. If there is no effect, leave the box blank. If there is no entry required, clearly write "NO ENTRY" across the boxes. Stock- Holder's Assets Liabilities Equity Revenue Expense Example: Saleries paid in cash during the period + 1. Services are performed but customer not billed. 2. Utility bill is received but is not due until next month. 3. An employee is hired to start work next week. 4. During a period of rising prices, the company switches from FIFO to LIFO (financial statement difference). 5. Under the allowance method, a customer account written-off as uncollectible. 6. An entry is made at year-end to record depreciation. 7. Employer's payroll taxes are recorded for the pay period. 8. Common stock with a par value of $10 is issued for $45 per share 9. A dividend of $0.50 per share is declared. 10. A company issues $10,000,000 of bonds at a discount.

Answer 1

Sr. No.	Transaction	Assets	Liabilities	Stock-Holder's Equity	Revenues	Expneses
	Salary Paid in cash during the period	"-"		"-"		"+"
1	Service is performed but custmer not billed	No Entry
2	Utility Bill is received but it is due untill next month	"+"	"-"
3	An Employee is hired to start work next week	No Entry
4	During a period of rising price the company switches from FIFO to LIFO			"-"		"+"
5	Under the allowance method a customer account is written - off as uncollectable	"-"	"-"
6	An entry is made at year end to record depreciation		"+"			"+"
7	Emplouer's Payroll taxes are recorded for the pay period		"+"			"+"
8	Common Stock with a par value of $ 10 Is issued at $ 45 per shares			"+"
9	A Dividend of $ 0.50 per share is declared		"+"	"-"
10	A Company issues $ 10,000,0000 of bonds at a discount	"+"	"+"