Cascade Corporation Began Business Operations and Experienced the Following Transactions

question 142

Essay

Cascade Corporation began business operations and experienced the following transactions during Year 1:
1)Issued common stock for $20,000 cash2)Provided services to customers for $80,000 on account3)Incurred $36,000 of operating expenses on account4)Collected $46,000 cash from customers5)Paid $30,000 on accounts payable
Required:Record the above transactions on a horizontal statements model to reflect their effect on Cascade's financial statements. In the last column, enter OA, IA, or FA for the type of cash flow activity, if applicable.

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Definitions:

Right Atrium

The right upper chamber of the heart that receives deoxygenated blood from the body and pumps it to the right ventricle.

Largest Artery

The largest artery in the human body is the aorta, which carries oxygenated blood from the heart to the rest of the body.

Aorta

The largest artery in the body, originating from the left ventricle of the heart and extending down to the abdomen, distributing oxygenated blood to all parts of the body.

Right Ventricle

The lower right chamber of the heart that receives deoxygenated blood from the right atrium and pumps it to the lungs for oxygenation.