accounting homework help!?

Question

- what journal entry would be made to pay accounts payable partly for cash with the balance on a note payable?
- what is the sign placement for revenues? expenses?
- what affect do closing entries have on nominal accounts
- assuming the direct method, what affect does a bad debt write-off have on assets and net income?
- what affect does the purchase of inventory on account have on a cash flow statement
- how would the exchange of stock for land be handled on a cashflow statement?
- how is sales tax payable classified on the financial statements?

please if you could answer any of these questions, i would be truly grateful! i have looked everywhere in my notes and book and can't find the answers to these questions!

Answer 1

- what journal entry would be made to pay accounts payable partly for cash with the balance on a note payable?
Dr Accounts payable xxx
Cr Cash xxx
Cr Note payable xxx

- what is the sign placement for revenues? expenses?
Revenues are always credits and expenses are always debits

- what affect do closing entries have on nominal accounts
Nominal accounts are closed off or "zeroed out" by the closing entries

- assuming the direct method, what affect does a bad debt write-off have on assets and net income?
If you mean the direct method of writing off a debt, the effect is to decrease the account receivable (asset) and decrease net income

- what affect does the purchase of inventory on account have on a cash flow statement
None. You have an increase in inventory but it's offset by the increase in accounts payable.

- how would the exchange of stock for land be handled on a cashflow statement?
It wouldn't feature in the cfs since no cash or cash equivalents are involved

- how is sales tax payable classified on the financial statements?
Under current liabilities