Kiscaden Corporation began business operations and experienced the following transactions during 2016:
1)Issued common stock for $20,000 cash.
2)Provided services to customers for $80,000 on account.
3)Incurred $36,000 of operating expenses on account.
4)Collected $46,000 cash from customers.
5)Paid $30,000 on accounts payable.
Required:
Record the above transactions on a horizontal statements model to reflect their effect on Kiscaden's financial statements.Precede the amount with a minus sign if the transaction reduces that section of the equation.Enter 0 for items not affected.In the last column,enter OA,IA,FA for the type of cash flow activity,or NA if there is no activity.

Question

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The Answer of Kiscaden Corporation began business operations and experienced the following transactions during 2016:
1)Issued common stock for $20,000 cash.
2)Provided services to customers for $80,000 on account.
3)Incurred $36,000 of operating expenses on account.
4)Collected $46,000 cash from customers.
5)Paid $30,000 on accounts payable.
Required:
Record the above transactions on a horizontal statements model to reflect their effect on Kiscaden's financial statements.Precede the amount with a minus sign if the transaction reduces that section of the equation.Enter 0 for items not affected.In the last column,enter OA,IA,FA for the type of cash flow activity,or NA if there is no activity.

Kiscaden Corporation Began Business Operations and Experienced the Following Transactions