Using the financial statements effects template
Part of Problem:
June 6: Purchased $3,800 of art materials and other supplies. Paid $18,00 cash with remainder due within 30 days.
How should I place this on the financial statements effects template?
Balance Sheet
Cash Asset+ Non cash Asset = Liabilities+ Contributed Capital+Earned Capital
Income Statement Rev-Expense=Net Income
Should I break it up into different Parts? For example should I first list expenses and how that effects everything then payment and how that effects and then how much owe and how that effects?
Note: This is only part of the problem. I kinda got stuck here. Any help is much appreciated. Thanks.
Part of Problem:
June 6: Purchased $3,800 of art materials and other supplies. Paid $18,00 cash with remainder due within 30 days.
How should I place this on the financial statements effects template?
Balance Sheet
Cash Asset+ Non cash Asset = Liabilities+ Contributed Capital+Earned Capital
Income Statement Rev-Expense=Net Income
Should I break it up into different Parts? For example should I first list expenses and how that effects everything then payment and how that effects and then how much owe and how that effects?
Note: This is only part of the problem. I kinda got stuck here. Any help is much appreciated. Thanks.