ACG 2025 PATTERSON EXAM 2 QUESTIONS AND ANSWERS 100% VERIFIED.  

ACG 2025 PATTERSON EXAM 2
QUESTIONS AND ANSWERS 100%
VERIFIED.

, Income Statement - ANSWERNet Income= Revenues - Expenses

Statement of Retained Earnings - ANSWEREnding Retained Earnings= Beginning
Retained Earnings + Net Income - Dividends

Balance Sheet - ANSWERAssets = Liabilities + SE
Snapshot

Statement of cash flows - ANSWEROperating- revenues/expenses
investing- Buying/selling PPE
Financing- Buying/ Selling PPE
1. shareholders 2. Bank

Issuing a note - ANSWERDebit Cash xxx
Credit N/P xxx

Issuing Stock - ANSWERdebit Cash xxx
credit CS xxx

Purchasing PPE - ANSWERdebit PPE XXX
credit Cash xxx

Purchasing supplies - ANSWERdebit Supplies xxx
credit Cash xxx
or
debit Inventory xxx
credit Cash xxx
or
debit Supplies xxx
credit A/P xxx
or
debit Inventory xxx
credit A/P xxx

Providing Service for Cash - ANSWERdebit Cash XXX
credit Service Revenue xxx

Providing service on Account - ANSWERdebit A/R XXX
credit Service Revenue XXX

Selling a good for cash - ANSWERdebit Cash xxx
credit Sales Revenue xxx