1- Determining the Financial Statement Effects of Accounts Payable Transactions Hobson Company had the following transactions relating to its accounts payable.
a. Purchases S$1,260 of inventory on credit.
b. Sells inventory for $1,650 on credit.
c. Records $1,260 cost of sales for transaction
d. Receives S1,650 cash toward accounts receivable.
e Pays S1.260 cash to settle accounts payable.
Use the financial statement effects template to identify the effects (both amounts and accounts) for these
2- Analyzing and Computing Financial Statement Effects of Interest Leahy Inc. signed a 90-day, 8% note payable for $13,800 on December 16. Use the financial statement effects template to illustrate the year-end December 31 accounting adjustment Leahy must make
