Answer Happy

A) Horinzontal ACCT model. Help me with events below
Opened a bank account with previously earned (retained
earnings) money for $25,000
Bought a house by paying $25,000 down in cash and taking
a loan of $225,000
Bought a vehicle by paying $800 down in cash and taking
a loan of $32,200
Worked (performed services) to clients for $75,000
cash
Paid for materials used (expense) in the services
performed with cash for $25,000
Paid for repairs and utilities of the house and vehicle
(just regular expenses) with cash for $8,500
During the year, you paid $5,000 in interest and $9,500
in principal on the loan on the house with cash
During the year, you paid $600 in interest and $3,400 in
principal on the loan on the vehicle with cash
During the year, you paid $18,500 for personal-related
expenses in cash
At the end of the year, you purchased $3,250 in gifts
(expenses) for others that you paid for with a new credit
card
Accounts Receivable (A/R) Event Cash + + House Vehicles Accounts Payable + Unearned Revenue + Note Payable Common Stock + Retained Earnings 1 2 3 4 5 6 7 8 9 10 bbc bac
Revenue Expenses Net Income Cash Flow Cash Flow Activity II