Kiscaden Corporation Began Business Operations and Experienced the Following Transactions

question 48

Essay

Kiscaden Corporation began business operations and experienced the following transactions during 2016:
1)Issued common stock for $20,000 cash.
2)Provided services to customers for $80,000 on account.
3)Incurred $36,000 of operating expenses on account.
4)Collected $46,000 cash from customers.
5)Paid $30,000 on accounts payable.
Required:
Record the above transactions on a horizontal statements model to reflect their effect on Kiscaden's financial statements.Precede the amount with a minus sign if the transaction reduces that section of the equation.Enter 0 for items not affected.In the last column,enter OA,IA,FA for the type of cash flow activity,or NA if there is no activity.