Question text Recording Transactions in the Financial Statement Effects Template (FSET) Minute Maid, a firm providing housecleaning services, began business on April 1. The following transactions occurred during the month of April. April 1: A. Falcon invested $13,500 cash to begin the business in exchange for common stock. April 2: Paid $4,200 cash for six months' lease on van for the business. April 3: Borrowed $15,000 cash from bank and signed note payable agreeing to repay it in 1 year plus 10% interest. April 3: Purchased $8,200 of cleaning equipment; paid $3,800 cash with the remainder due within 30 days April 4: Paid $6,400 cash for cleaning supplies to have on hand. April 7: Paid $500 cash for advertisements to run in newspaper during April. April 21: Billed customers $5,500 for services performed. April 23: Paid $4,400 cash on account to cleaning equipment suppliers (see April 3). April 28: Collected $4,000 cash from customers on account balances. April 29: Paid $1,500 cash for dividends. April 30: Paid $2,600 cash for April wages April 30: Paid $1,480 cash to service station for gasoline used during April. Record the transactions using the financial statement effects template. NOTE: Use negative signs with your answers, when appropriate. [table] | | Balance Sheet | | | | Income Statement April | | Cash | | Noncash | | | | Contributed | | Earned | | | | | | | | Net Date | Transaction | Asset | + | Assets | = | Liabilities | + | Capital | + | Capital | | | | Revenues | - | Expenses | = | Income 1 | Stock issued in exchange for cash. | Answer 1CorrectThe correct answer is: 13500Mark 1.00 out of 1.00 | | Answer 2CorrectThe correct answer is: 0Mark 1.00 out of 1.00 | | Answer 3CorrectThe correct answer is: 0Mark 1.00 out of 1.00 | | Answer 4CorrectThe correct answer is: 13500Mark 1.00 out of 1.00 | | Answer 5CorrectThe correct answer is: 0Mark 1.00 out of 1.00 | | | | Answer 6CorrectThe correct answer is: 0Mark 1.00 out of 1.00 | | Answer 7CorrectThe correct answer is: 0Mark 1.00 out of 1.00 | | Answer 8CorrectThe correct answer is: 0Mark 1.00 out of 1.00 2 | Cash paid for rent for six months. | Answer 9CorrectThe correct answer is: -4200Mark 1.00 out of 1.00 | | Answer 10CorrectThe correct answer is: 4200Mark 1.00 out of 1.00 | | Answer 11CorrectThe correct answer is: 0Mark 1.00 out of 1.00 | | Answer 12CorrectThe correct answer is: 0Mark 1.00 out of 1.00 | | Answer 13CorrectThe correct answer is: 0Mark 1.00 out of 1.00 | | | | Answer 14CorrectThe correct answer is: 0Mark 1.00 out of 1.00 | | Answer 15CorrectThe correct answer is: 0Mark 1.00 out of 1.00 | | Answer 16CorrectThe correct answer is: 0Mark 1.00 out of 1.00 3 | Borrowed cash from bank. | Answer 17CorrectThe correct answer is: 15000Mark 1.00 out of 1.00 | | Answer 18CorrectThe correct answer is: 0Mark 1.00 out of 1.00 | | Answer 19CorrectThe correct answer is: 15000Mark 1.00 out of 1.00 | | Answer 20CorrectThe correct answer is: 0Mark 1.00 out of 1.00 | | Answer 21CorrectThe correct answer is: 0Mark 1.00 out of 1.00 | | | | Answer 22CorrectThe correct answer is: 0Mark 1.00 out of 1.00 | | Answer 23CorrectThe correct answer is: 0Mark 1.00 out of 1.00 | | Answer 24CorrectThe correct answer is: 0Mark 1.00 out of 1.00 3 | Purchased cleaning equipment: partially with cash; partially on account. | Answer 25CorrectThe correct answer is: -3800Mark 1.00 out of 1.00 | | Answer 26CorrectThe correct answer is: 8200Mark 1.00 out of 1.00 | | Answer 27CorrectThe correct answer is: 4400Mark 1.00 out of 1.00 | | Answer 28CorrectThe correct answer is: 0Mark 1.00 out of 1.00 | | Answer 29CorrectThe correct answer is: 0Mark 1.00 out of 1.00 | | | | Answer 30CorrectThe correct answer is: 0Mark 1.00 out of 1.00 | | Answer 31CorrectThe correct answer is: 0Mark 1.00 out of 1.00 | | Answer 32CorrectThe correct answer is: 0Mark 1.00 out of 1.00 4 | Paid cash for cleaning supplies to have on hand. | Answer 33CorrectThe correct answer is: -6400Mark 1.00 out of 1.00 | | Answer 34CorrectThe correct answer is: 6400Mark 1.00 out of 1.00 | | Answer 35CorrectThe correct answer is: 0Mark 1.00 out of 1.00 | | Answer 36CorrectThe correct answer is: 0Mark 1.00 out of 1.00 | | Answer 37CorrectThe correct answer is: 0Mark 1.00 out of 1.00 | | | | Answer 38CorrectThe correct answer is: 0Mark 1.00 out of 1.00 | | Answer 39CorrectThe correct answer is: 0Mark 1.00 out of 1.00 | | Answer 40CorrectThe correct answer is: 0Mark 1.00 out of 1.00 7 | Paid cash for newspaper advertisements. | Answer 41CorrectThe correct answer is: -500Mark 1.00 out of 1.00 | | Answer 42CorrectThe correct answer is: 0Mark 1.00 out of 1.00 | | Answer 43CorrectThe correct answer is: 0Mark 1.00 out of 1.00 | | Answer 44CorrectThe correct answer is: 0Mark 1.00 out of 1.00 | | Answer 45CorrectThe correct answer is: -500Mark 1.00 out of 1.00 | | | | Answer 46CorrectThe correct answer is: 0Mark 1.00 out of 1.00 | | Answer 47CorrectThe correct answer is: 500Mark 1.00 out of 1.00 | | Answer 48CorrectThe correct answer is: -500Mark 1.00 out of 1.00 21 | Billed customers for services performed. | Answer 49CorrectThe correct answer is: 0Mark 1.00 out of 1.00 | | Answer 50CorrectThe correct answer is: 5500Mark 1.00 out of 1.00 | | Answer 51CorrectThe correct answer is: 0Mark 1.00 out of 1.00 | | Answer 52CorrectThe correct answer is: 0Mark 1.00 out of 1.00 | | Answer 53CorrectThe correct answer is: 5500Mark 1.00 out of 1.00 | | | | Answer 54CorrectThe correct answer is: 5500Mark 1.00 out of 1.00 | | Answer 55CorrectThe correct answer is: 0Mark 1.00 out of 1.00 | | Answer 56CorrectThe correct answer is: 5500Mark 1.00 out of 1.00 23 | Paid cash to suppliers, on account. | Answer 57CorrectThe correct answer is: -4400Mark 1.00 out of 1.00 | | Answer 58CorrectThe correct answer is: 0Mark 1.00 out of 1.00 | | Answer 59CorrectThe correct answer is: -4400Mark 1.00 out of 1.00 | | Answer 60CorrectThe correct answer is: 0Mark 1.00 out of 1.00 | | Answer 61CorrectThe correct answer is: 0Mark 1.00 out of 1.00 | | | | Answer 62CorrectThe correct answer is: 0Mark 1.00 out of 1.00 | | Answer 63CorrectThe correct answer is: 0Mark 1.00 out of 1.00 | | Answer 64CorrectThe correct answer is: 0Mark 1.00 out of 1.00 28 | Collected cash from customers, on account. | Answer 65CorrectThe correct answer is: 4000Mark 1.00 out of 1.00 | | Answer 66CorrectThe correct answer is: -4000Mark 1.00 out of 1.00 | | Answer 67CorrectThe correct answer is: 0Mark 1.00 out of 1.00 | | Answer 68CorrectThe correct answer is: 0Mark 1.00 out of 1.00 | | Answer 69CorrectThe correct answer is: 0Mark 1.00 out of 1.00 | | | | Answer 70CorrectThe correct answer is: 0Mark 1.00 out of 1.00 | | Answer 71CorrectThe correct answer is: 0Mark 1.00 out of 1.00 | | Answer 72CorrectThe correct answer is: 0Mark 1.00 out of 1.00 29 | Paid cash for dividends. | Answer 73CorrectThe correct answer is: -1500Mark 1.00 out of 1.00 | | Answer 74CorrectThe correct answer is: 0Mark 1.00 out of 1.00 | | Answer 75CorrectThe correct answer is: 0Mark 1.00 out of 1.00 | | Answer 76CorrectThe correct answer is: 0Mark 1.00 out of 1.00 | | Answer 77CorrectThe correct answer is: -1500Mark 1.00 out of 1.00 | | | | Answer 78CorrectThe correct answer is: 0Mark 1.00 out of 1.00 | | Answer 79CorrectThe correct answer is: 0Mark 1.00 out of 1.00 | | Answer 80CorrectThe correct answer is: 0Mark 1.00 out of 1.00 30 | Paid cash for April wages. | Answer 81CorrectThe correct answer is: -2600Mark 1.00 out of 1.00 | | Answer 82CorrectThe correct answer is: 0Mark 1.00 out of 1.00 | | Answer 83CorrectThe correct answer is: 0Mark 1.00 out of 1.00 | | Answer 84CorrectThe correct answer is: 0Mark 1.00 out of 1.00 | | Answer 85CorrectThe correct answer is: -2600Mark 1.00 out of 1.00 | | | | Answer 86CorrectThe correct answer is: 0Mark 1.00 out of 1.00 | | Answer 87CorrectThe correct answer is: 2600Mark 1.00 out of 1.00 | | Answer 88CorrectThe correct answer is: -2600Mark 1.00 out of 1.00 30 | Paid cash for gasoline used in April. | Answer 89CorrectThe correct answer is: -1480Mark 1.00 out of 1.00 | | Answer 90CorrectThe correct answer is: 0Mark 1.00 out of 1.00 | | Answer 91CorrectThe correct answer is: 0Mark 1.00 out of 1.00 | | Answer 92CorrectThe correct answer is: 0Mark 1.00 out of 1.00 | | Answer 93CorrectThe correct answer is: -1480Mark 1.00 out of 1.00 | | | | Answer 94CorrectThe correct answer is: 0Mark 1.00 out of 1.00 | | Answer 95CorrectThe correct answer is: 1480Mark 1.00 out of 1.00 | | Answer 96CorrectThe correct answer is: -1480Mark 1.00 out of 1.00 | Totals | | + | | = | | + | | + | | | | | | - | | = | [/table]