Illustrate the effects on the accounts and financial statements for July 15. If

Question

Illustrate the effects on the accounts and financial statements for July 15. If no account or activity is affected, select "No effect" from the dropdown list and leave the corresponding number entry box bla, Enter account decreases and cash outflows as negative amounts. Balance Sheet of Cashh Assets Liabilities + Equity Flows No effect No effect No effect July 15 Statement of Cash Flows Incone Statement No effect No effect Illustrate the effects on the accounts and financial statements for August 14. If no account or activity is affected, select "No effect" from the dropdown list and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts. Balance Sheet Assets Liabilities + Equity of Cashh Flows Cash Cash - dividends No effect payable Aug. 14 Statement of Cash Flows Incone Statement

Explanation / Answer

Balance Sheet Income Statement Statement of Cash Flow Assets = Liabilities + Stockholders' Equity 1-Jun No Effect Cash Dividends Payable          1,200,000 Retained Earnings        (1,200,000) No Effect No Effect 15-Jul No Effect No Effect No Effect No Effect No Effect 14-Aug Cash (1,200,000) Cash Dividends Payable        (1,200,000) No Effect No Effect Cash Dividends Paid (1,200,000) (Under Income Used for Financing Activities)

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