Cascade Corporation began business operations and experienced the following transactions during Year 1:
1)Issued common stock for $20,000 cash2)Provided services to customers for $80,000 on account3)Incurred $36,000 of operating expenses on account4)Collected $46,000 cash from customers5)Paid $30,000 on accounts payable
Required:Record the above transactions on a horizontal statements model to reflect their effect on Cascade's financial statements. In the last column, enter OA, IA, or FA for the type of cash flow activity, if applicable.

Question

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The Answer of Cascade Corporation began business operations and experienced the following transactions during Year 1:
1)Issued common stock for $20,000 cash2)Provided services to customers for $80,000 on account3)Incurred $36,000 of operating expenses on account4)Collected $46,000 cash from customers5)Paid $30,000 on accounts payable
Required:Record the above transactions on a horizontal statements model to reflect their effect on Cascade's financial statements. In the last column, enter OA, IA, or FA for the type of cash flow activity, if applicable.

Cascade Corporation Began Business Operations and Experienced the Following Transactions