Below Are Listed Several Transactions of Phelps Company During 2016

question 151

Essay

Below are listed several transactions of Phelps Company during 2016.
1.Provided services to customers for cash,$70,000
2.Purchased land by paying cash,$32,000
3.Paid rent for 6 months,$24,000
4.Acquired cash of $50,000 by issuing common stock
5.Purchased office supplies on account,$5,400
6.Receive payment of $6,000 from a customer for services that will be provided over the next six months.
Required:
a)Prepare journal entries for each of the preceding transactions,using the general journal below.
b)Show how each transaction affects the financial statements model by inserting amounts.Precede the amount with a minus sign if the transaction reduces that section of the equation.Precede a cash outflow amount with a minus sign.Enter 0 for items not affected.

In the Activity Type column,use the letters OA for operating activities,IA for investing activities,and FA for financing activities.Insert NA if cash flow is not affected.

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Definitions:

Visual Search

The process of scanning the environment with the eyes to find a specific object or feature among other objects.

Array

A systematic arrangement of similar objects, typically in rows and columns, or a data structure in computer science that consists of a collection of elements identified by at least one index or key.

David Marr's Model

A theory in cognitive science that describes vision as proceeding from a 2D view of the world to a 3D one through a series of processing stages.

Bottom-Up Knowledge

Knowledge processing that starts with the senses and the actual perception of stimuli, moving towards higher-level cognitive functions.