Using adjusting journal entries and computing financial statement amounts [10-20 min]
The adjusted trial balances of Superior International, Inc., at August 31, 2012, and August 31, 2011, include the following amounts:
| 2012 | 2011 |
Supplies . . . . . . . . . . . . . . . . . . | $ 2,400 | $ 1,200 |
Salary payable . . . . . . . . . . . . . | 2,500 | 4,100 |
Unearned service revenue . . . . . | 12,100 | 17,100 |
Analysis of the accounts at August 31, 2012, reveals the following transactions for the fiscal year ending in 2012:
Cash payments for supplies . . . . . . . . . . . . . . . . | $ 6,100 |
Cash payments for salaries . . . . . . . . . . . . . . . . | 47,300 |
Cash receipts in advance for service revenue . . . | 83,200 |
Requirement
1. Compute the amount of Supplies expense, Salary expense, and Service revenue to report on the Superior International income statement for 2012.
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