Determining the Effects of Transactions on Balance Sheet and Income StatementCategories
Complete the following tabulation, indicating the sign of the effect (+ for increase, — for decrease, and NE for no effect) of each transaction. Consider each item independently.
a. Recorded sales on account of S120 and related cost of goods sold of $80.
b. Recorded advertising expense of S10 incurred but not paid for.
Transaction | Current Assets | Gross Profit | Current Liabilities |
(a) |
|
|
|
(b) |
|
|
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