Article Writing Homework Help

Hi, I am looking for someone to write an article on financial accounting Paper must be at least 1500 words. Please, no plagiarized work! Practice 3-1

Solution:

a. The accounts impacted by the transaction are ‘Cash’ and ‘Notes Payable’

b. Both ‘Cash’ and ‘Notes Payable’ accounts increased.

c. ‘Cash’ and ‘Notes Payable’ accounts increased by $5,000.

d. Total Assets increased by $5,000, Total Liabilities increased by $5000, Total Equity, however remained unchanged.

Practice 3-2

Solution:

a. The accounts impacted by the transaction are ‘Cash’ and ‘Land’

b. ‘Cash’ account decreased while ‘Land’ account increased.

c. ‘Cash’ decreased by $45,000. ‘Land’ increased by $45,000.

d. Total Assets, Total Liabilities and Total Equity remained unchanged.

Practice 3-11 Solution

20XX

May 1 Cash.. . 125,000

Notes Payable.. 125,000

Borrowed from Far West Bank signing a 2-yearnote at 14%

Practice 3-12 Solution

20XX

May 14 Land.. 45000

Cash.. 45000

Bought land on west side of Hatu Lake

Practice 3-16 Solution

Refer to Practice 3-11

Notes Payable

20XX

20XX

May1 Beg. Bal. 0

May1 Cash 125000

May30 End. Bal. 125000

Cash

20XX

20XX

May1 Beg. Bal. 0

May1 Notes Payable 125,000

May30 End. Bal. $125,000

Refer to Practice 3-12

Land

20XX

20XX

May1 Beg. Bal. 0

May14 Cash 45000

May30 End. Bal. $45000

Cash

20XX

20XX

May1 Beg. Bal. 0

May 14 Land 45000

May30 End. Bal.