Question

i just need the total expenses, service revenue and net income

Problem 2-35 Effect of events on financial statements LO 2-8 Waddell Company had the following balances in its accounting records as of December 31, 2018: Liabilities and Equity Accounts Payable Common Stock Assets $ 51, e00 41,e00 28, 000 Cash $ 21,000 84, 000 15,000 Accounts Receivable Land Retained Earnings Totals $120, e00 $120, e00 The following accounting events apply to Waddell Company's 2019 fiscal year: ces 1 Acquired $5e, eee cash from the issue of common stock. Paid $5,10e cash in advance for a one-year lease for office space. 1 Paid a $1,9e0 cash dividend to the stockholders. Purchased additional land that cost $28, e00 cash. Made a cash payment on accounts payable of $11,0ee. Received $8,600 cash in advance as a retainer for services to be performed monthly over the coming year. Sold land for $19,0e0 cash that had originally cost $19,00e. Purchased $990 of supplies on account. Jan. Feb. Mar. April May July Sept. Oct. Earned $62,eee of service revenue on account during the year. Dec. 31 Received cash collections from accounts receivable amounting to $65,000. 31 Incurred other operating expenses on account during the year that amounted to $11,000. 31 Recognized accrued salaries expense of $5,100. 31 31 Had $160 of supplies on hand at the end of the period. 31 The land purchased on April 1 had a market value of $38,eee. 31 Recognized $116 of accrued interest revenue.

Answer 1

Waddell Company Journal Enteries Date Particulars Jan-01 Cash a/c Dr. To Common Stock (Common stock issued for cash) Debit in $ Credit in $ 50000 50000 Dr. 5100 Feb-01 Prepaid Rent a/c To Cash (12 months lease) 5100 Dr. 1900 Mar-01 Cash Dividend a/c To Cash (Dividend paid) 1900 Dr. 28000 Apr-01 Land a/c To Cash (Land purchased) 28000 Dr. 11000 May-01 Accounts Payable a/c To Cash (Creditors paid) 11000 Jul-01 8600 Cash a/c Dr. To Unearned Revenue (Advance from client) 8600 Dr. 19000 Sep-01 Cash a/c To Land (Land sold) 19000 990 Oct-01 Supplies a/c Dr. To Accounts Payable (Supplies on account) 990 62000 Dec-31 Accounts Receivable a/c Dr. To Service Revenue (Services on account) 62000 65000 Dec-31 Cash a/c Dr. To Accounts Receivable (Cash received from debtors) 65000

Adjusting Enteries Date Particulars Dec-31 Operating Expense a/c To Accounts Payable (Expense on account) Dr. Debit in $ Credit in $ 11000 11000 Dr. 5100 Dec-31 Salaries Expense a/c To Salary Payable (Salary accrued) 5100 830 Dec-31 Supplies Expense a/c Dr. To Supplies (Supplies expensed) 990 - 160 830 Dr. 116 Dec-31 Interest Receivable a/c To Interest Revenue (Interest revenue accrued) 116

Worksheet For the Period ending 31.12.2018 Particulars Cash Interest Receivable Accounts Receivable Prepaid Rent Supplies Land Accounts Payable Unearned Revenue Salary Payable Common Stock Retained Earnings Cash Dividend Interest Revenue Service Revenue Operating Expense Salaries Expense Supplies Expense Total Unadjusted Adjustments Adjusted Debit in $ Credit in $ Debit in $ Credit in $ Debit in $ Credit in $ 147600 147600 116 116 38000 38000 5100 5100 990 830 160 37000 37000 10990 11000 21990 8600 8600 5100 5100 134000 134000 15000 15000 1900 1900 116 116 62000 62000 11000 11000 5100 5100 830 830 230590 230590 17046 17046 246806 246806 Statement of Income For the Period ending 31.12.2018 Interest Revenue Service Revenue 116 62000 62116 Less: Operating Expense Salaries Expense Supplies Expense Net Income 11000 5100 830 16930 45186