Financial Statement Analysis/ assignment

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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

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