Homework Answers
| B. | Original Entry | Supplies (asset account) increase by $4,800; Accounts Payable (Liabilties account) increase by $4,800 | |||
| Adjusting Entry at Year End | Supplies (asset account) decrease by $4,400; Supplies Expense (Expenses account) increase by $4,400 | ||||
| C. | Original Entry | Cash (asset account) decrease by $14,400; Advance Rent (Asset account) increase by $14,400 | |||
| Adjusting Entry at Year End | Rent Expense (Expense account) increase by $12,000; Advance Rent (Asset account) decrease by $12,000 | ||||
| D. | Original Entry | Cash (asset account) increase by $36,000; Unearned Service Revenue (Liability account) increase by $36,000 | |||
| Adjusting Entry at Year End | Service Revenue (Revenue account) increase by $12,000; Unearned Revenue (Liability account) decrease by $12,000 | ||||
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1:27 I © N VOLTE 1: 11. Determine how each of the following events and its...
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Required:
How each of the following events of series of events and the
related adjusting entry will affect the anount of bet income and
the amount of cash flow from operating activities reported on te
year-end financial statements. Identify the direction of change
(increase, decrease, or NA) and the amount of the change. Organize
your answers according to the following table. the first event is
recorded as an example. If an event does not have a related
adjusting entry, record...
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