Using a financial statements model like the one shown b

Using a financial statements model like the one shown below, record the appropriate amounts for the following two events: (In the Cash Flow column, use the initials OA to designate operating activity, IA for investing activity, FA for financing activity, and NC for net change in cash. Amounts to be deducted should be indicated with minus sign. Leave no cells blank – be certain to enter \”0\” wherever required. Omit the \”$\” sign in your response.) January 1, 2010, issue of the note payable. December 31, 2010, payment on the note payable.

Solution

(1) assets( +cash ) = liability ( + notes payable) = FA statement of cash flow

(2) assets(- cash) = liability (- notes payable) = FA   \”<████>

                                                                           = $███ █████ ████████