Reference no: EM131258699
Copy Express Inc. began the 2014 accounting period with $7,500 cash, $4,500 of common stock, and $3,000 of retained earnings. Copy Express was affected by the following accounting events during 2014:
1. Purchased $12,000 of paper and other supplies on account.
2. Earned and collected $26,000 of cash revenue.
3. Paid $10,500 cash on accounts payable.
4. Adjusted the records to reflect the use of supplies. A physical count indicated that $2,200 of supplies was still on hand on December 31, 2014.
Required
a. Show the effects of the events on the financial statements using a horizontal statements model given below. In the Cash Flows column, use OA to designate operating activity, IA for investing activity, FA for financing activity, NC for net change in cash and NA to indicate accounts not affected by the event. The beginning balances have been recorded as an example. (Enter any decreases to account balances and cash outflows with a minus sign.)
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: Copy Express Inc. began the 2014 accounting period with $7,500 cash, $4,500 of common stock, and $3,000 of retained earnings. Show the effects of the events on the financial statements using a horizontal statements model given below. In the Cash Flow..
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