Problem 6 7 accounting answers

1B-6. (Similar to problem 1B-2) Show the effect on the accounting equation of the following events for the APRIL Company. Example: Investors purchased common stock in APRIL for $1,000 cash. Answer: Assets (cash) increased Owners' equity (common stock) increased a. b. é osobis APRIL borrowed $6,400 from the bank on a note. APRIL purchased a desk and two chairs for $1,600 cash. APRIL purchased supplies on account for $700. APRIL provided services to others for $8,300 cash. APRIL provided services to others for $2,900 on account APRIL paid $690 cash for a newspaper ad. APRIL collected $900 of the money it was owed due to the services provided in e. APRIL paid off $280 of its supplies account created in c. APRIL paid its utility bill in the amount of $240 cash. APRIL paid a dividend to its investors in the amount of $400 cash. APRIL paid off half of its bank note from a. by giving the bank $3,200 of common stock
IB-7. (Similar to problem 1B-4) The financial position of APRIL Corporation on November 1, 20x1 is shown below Accounts Receivable $5,200 Cash $6,600 Supplies $800 Accounts Payable $700 Furn $1,400 Notes Payable $0 Common Stock $2,100 Nov 1 Retained Earnings $11,200 Type RE Transaction During the month of November events a. through k., as described in problem 1B-6, occurred. Required: Show the effects of transactions a. through k. on the fundamental accounting equation. Use a format similar to the example provided in this section. Indicate specific information about the type of transaction next to each event that modifies retained earnings. (Note: you do not need the answers to 1B-6 in order to do this problem.)