Suppose your company sells services of $190 in exchange for $115 cash and $75 on account. Required: 1. Prepare the journ

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Suppose Your Company Sells Services Of 190 In Exchange For 115 Cash And 75 On Account Required 1 Prepare The Journ 1 (35.15 KiB) Viewed 68 times

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Suppose your company sells services of $190 in exchange for $115 cash and $75 on account. Required: 1. Prepare the journal entry to record this transaction. 2. Identify the amount that should be reported as net cash flow from operating activities. 3. Identify the amount that would be included in net income. 4. Show how the indirect method would convert net income (requirement 3) to net cash flow from operating activities (requirement 2). Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Prepare the journal entry to record this transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < A Record the service revenue of $115 for cash and $75 on account.
Required 1 Required 2 Prepare the journal entry to record this transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Required 3 Required 4 Journal entry worksheet < Record the service revenue of $115 for cash and $75 on account. Note: Enter debits before credits. Transaction General Journal Debit Credit
Suppose your company sells services of $190 in exchange for $115 cash and $75 on account. Required: 1. Prepare the journal entry to record this transaction. 2. Identify the amount that should be reported as net cash flow from operating activities. 3. Identify the amount that would be included in net income. 4. Show how the indirect method would convert net income (requirement 3) to net cash flow from operating activities (requirement 2). Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Identify the amount that should be reported as net cash flow from operating activities. Net cash flow from operating activities < Required 1 Required 3 >
Suppose your company sells services of $190 in exchange for $115 cash and $75 on account. Required: 1. Prepare the journal entry to record this transaction. 2. Identify the amount that should be reported as net cash flow from operating activities. 3. Identify the amount that would be included in net income. 4. Show how the indirect method would convert net income (requirement 3) to net cash flow from operating activities (requirement 2). Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Identify the amount that would be included in net income. Net Income Required 4 < Required 2 Required 4 >
Suppose your company sells services of $190 in exchange for $115 cash and $75 on account. Required: 1. Prepare the journal entry to record this transaction. 2. Identify the amount that should be reported as net cash flow from operating activities. 3. Identify the amount that would be included in net income. 4. Show how the indirect method would convert net income (requirement 3) to net cash flow from operating activities (requirement 2). Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Show how the indirect method would convert net income (requirement 3) to net cash flow from operating activities (requirement 2). (Amounts to be deducted should be indicated with a minus sign.) Net Income Increase in Accounts Receivable Net Cash Flow from Operating Activities