A company experienced an accounting event that is shown in the following T-accounts: CashDebitCredit 1,300 DividendsDebitCredit1,300 Which of the following reflects how this event affects the company’s financial statements?

Which of the following are shown on the balance sheet? Total assets Land Common Stock Net Change in Cash Revenue Notes Payable Retained Earnings Total Liabilities and Stockholders’ Equity Expenses Net Income Beginning cash balance Dividends

How does the adjusting entry to recognize the portion of the unearned revenue that a company earned during the accounting period affect the financial statements?

Callahan Corporation recorded an adjusting entry using T-accounts as follows: Interest ReceivableDebitCredit75 Interest RevenueDebitCredit 75 Which of the following reflects how this adjustment affects the company’s financial statements? Balance SheetIncome StatementStatement of Cash FlowsAssets=Liabilities+Stockholders’ EquityRevenue−Expense=Net IncomeA.Increase=Increase+ − = Increase Financing Activity (FA)B.Increase= +IncreaseIncrease− =Increase C.Increase= +IncreaseIncrease− =IncreaseIncrease Operating Activity (OA)D.Decrease= + Decrease− =Decrease

A transaction has been recorded in the T-accounts of Horowitz Corporation as follows: CashDebitCredit25,000 Common StockDebitCredit 25,000 Which of the following reflects how this event affects the company’s financial statements? Balance SheetIncome StatementStatement of Cash FlowsAssets=Liabilities+Stockholders’ EquityRevenue-Expense=Net IncomeA.Increase=Increase+ – = Increase Financing Activity (FA)B.Increase= +Increase – = Increase Financing Activity (FA)C.Decrease= +DecreaseDecrease- =DecreaseIncrease Operating Activity (OA)D.Decrease=Decrease+ -Increase=DecreaseDecrease Investing Activity (IA)

Garrison Company acquired $23,000 by issuing common stock. Which of the following accurately reflects how this event affects the company’s accounting equation? Assets=Liabilities+Common Stock+Retained EarningsA.23,000= +23,000+ B. =23,000+(23,000)+ C. = +23,000+(23,000)D.23,000= + +23,000

Retained earnings at the beginning and ending of the accounting period were $300 and $800, respectively. Revenues of $1,100 and dividends paid to stockholders of $200 were reported during the period. What was the amount of expenses reported for the period?

Garrison Company acquired $23,000 by issuing common stock. Which of the following accurately reflects how this event affects the company’s accounting equation? Assets=Liabilities+Common Stock+Retained EarningsA.23,000= +23,000+ B. =23,000+(23,000)+ C. = +23,000+(23,000)D.23,000= + +23,000

Retained earnings at the beginning of the period was $580. During the period, Kilgore Company earned revenue of $1,660 and incurred expenses of $680. Assuming dividends paid to stockholders were $340, the ending balance in retained earnings must have been:

Callahan Corporation recorded an adjusting entry using T-accounts as follows: Interest ReceivableDebitCredit75 Interest RevenueDebitCredit 75 Which of the following reflects how this adjustment affects the company’s financial statements? Balance SheetIncome StatementStatement of Cash FlowsAssets=Liabilities+Stockholders’ EquityRevenue−Expense=Net IncomeA.Increase=Increase+ − = Increase Financing Activity (FA)B.Increase= +IncreaseIncrease− =Increase C.Increase= +IncreaseIncrease− =IncreaseIncrease Operating Activity (OA)D.Decrease= + Decrease− =Decrease