Transactions that affect earnings do not necessarily affect cash.
Identify the effect, if any, that each of the following transactions would have upon cash and net income. The first transaction has been completed as an example. (If an amount has a decreasing effect use either a negative sign preceding the number, e.g. -45 or parenthesis, e.g. (45). Do not use a dollar sign $ for negative answers.)
Purchased $100 of supplies for cash.
Recorded an adjusting entry to record use of $40 of the above supplies.
Made sales of $1,300 all on account.
Received $800 from customers in payment of their accounts.
Purchased capital asset for cash, $2,500.
Recorded depreciation of building for period used, $600.
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