files attached

Question 1

The following is a list of concepts in the left column, with a description of the concept in the right column. There are more descriptions provided than concepts.
Match the description of the concept to the concept.

	Concept	Description
1.	Cash-basis accounting.	select a description

2.	Fiscal year.	select a description

3.	Revenue recognition principle.	select a description

4.	Expense recognition principle.

Question 2

The ledger of Wildhorse, Inc. on March 31, 2022, includes the following selected accounts before adjusting entries.

	Debit	Credit
Prepaid Insurance	$2,300
Supplies	2,500
Equipment	30,800
Unearned Service Revenue		$9,100

An analysis of the accounts shows the following.

1.		Insurance expires at the rate of $460 per month.
2.		Supplies on hand total $1,500.
3.		The equipment depreciates $400 per month.
4.		During March, services were performed for two-fifths of the unearned service revenue.

Prepare the adjusting entries for the month of March. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

No.

Date

Account Titles and Explanation

Debit

Credit

Mar. 31

enter an account title to record insurance expired on March 31

enter a debit amount

enter a credit amount

enter an account title to record insurance expired on March 31

enter a debit amount

enter a credit amount

(To record insurance expired)

Mar. 31

enter an account title to record supplies used on March 31

enter a debit amount

enter a credit amount

enter an account title to record supplies used on March 31

enter a debit amount

enter a credit amount

(To record supplies used)

Mar. 31

enter an account title to record monthly depreciation on March 31

enter a debit amount

enter a credit amount

enter an account title to record monthly depreciation on March 31

enter a debit amount

enter a credit amount

(To record monthly depreciation)

Mar. 31

enter an account title to record revenue for services provided on March 31

enter a debit amount

enter a credit amount

enter an account title to record revenue for services provided on March 31

enter a debit amount

enter a credit amount

(To record revenue for services provided)

Question 3

Oriole Computer Services began operations in July 2022. At the end of the month, the company prepares monthly financial statements. It has the following information for the month.

1.		At July 31, the company owed employees $1,700 in salaries that the company will pay in August.
2.		On July 1, the company borrowed $21,100 from a local bank on a 10-year note. The annual interest rate is 12%. Interest is paid annually.
3.		Service revenue unrecorded in July totaled $2,400.

Prepare the adjusting entries needed at July 31, 2022. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

No.	Date	Account Titles and Explanation	Debit	Credit
1.	July 31	enter an account title to record accrued salaries on July 31	enter a debit amount	enter a credit amount
		enter an account title to record accrued salaries on July 31	enter a debit amount	enter a credit amount
		(To record accrued salaries)
2.	July 31	enter an account title for the journal entry on July 31	enter an account title to record accrued interest on July 31	enter a credit amount
		enter an account title for the journal entry on July 31	enter an account title to record accrued interest on July 31	enter a credit amount
		(To record accrued interest)
3.	July 31	enter an account title for the journal entry on July 31	enter an account title to record revenue for service performed on July 31	enter a credit amount
		enter an account title for the journal entry on July 31	enter an account title to record revenue for service performed on July 31	enter a credit amount
		(To record revenue for service performed)

Question 4

Sunland Company was organized on April 1, 2022. The company prepares quarterly financial statements. The adjusted trial balance at June 30 is shown here.

Debit			Credit
Cash	$ 6,400	Accumulated Depreciation—Equipment		$ 700
Accounts Receivable	480	Notes Payable		4,300
Prepaid Rent	1,200	Accounts Payable		800
Supplies	800	Salaries and Wages Payable		400
Equipment	11,600	Interest Payable		60
Owner’s Drawings	400	Unearned Rent Revenue		400
Salaries and Wages Expense	7,300	Owner’s Capital		11,380
Rent Expense	1,700	Service Revenue		11,700
Depreciation Expense	700	Rent Revenue		1,400
Supplies Expense	200			$31,140
Utilities Expense	300
Interest Expense	60
	$31,140

(a)

Determine the net income for the quarter April 1 to June 30.

Net income

$enter the net income amount in dollars

Question 5

Sandhill Advertising Company’s trial balance at December 31 shows Supplies $8,000 and Supplies Expense $0. On December 31, there are $2,900 of supplies on hand.
Prepare the adjusting entry at December 31, and using T-accounts, enter the balances in the accounts, post the adjusting entry, and indicate the adjusted balance in each account. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
Dec. 31	enter an account title for the adjusting entry on December 31	enter a debit amount	enter a credit amount
	enter an account title for the adjusting entry on December 31	enter a debit amount	enter a credit amount

Supplies
choose a transaction date	enter a debit amount	choose a transaction date	enter a credit amount
choose the end date of the accounting period	enter a debit balance	choose the end date of the accounting period	enter a credit balance
Supplies Expense
choose a transaction date	enter a debit amount	choose a transaction date	enter a credit amount

Question 6

On July 1, 2022, Crane Co. pays $15,000 to Swifty Insurance Co. for a 4-year insurance contract. Both companies have fiscal years ending December 31.
For Crane Co., journalize and post the entry on July 1 and the annual adjusting entry on December 31. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

Date	Account Titles and Explanation	Debit	Credit
choose a transaction date	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount

Prepaid Insurance
enter a credit balance	enter a debit amount	enter a credit balance	enter a credit amount
enter a credit balance	enter a debit balance	enter a credit balance	enter a credit balance
Insurance Expense
enter a credit balance	enter a debit amount	enter a credit balance	enter a credit amount

Question 7

Margaret Moore, D.D.S., opened a dental practice on January 1, 2022. During the first month of operations, the following transactions occurred.

1.		Performed services for patients who had dental plan insurance. At January 31, $880 of such services was completed but not yet billed to the insurance companies.
2.		Utility expenses incurred but not paid prior to January 31 totaled $700.
3.		Purchased dental equipment on January 1 for $81,000, paying $20,000 in cash and signing a $61,000, 3-year note payable (interest is paid each December 31). The equipment depreciates $405 per month. Interest is $610 per month.
4.		Purchased a 1-year malpractice insurance policy on January 1 for $26,400.
5.		Purchased $1,500 of dental supplies (recorded as increase to Supplies). On January 31, determined that $400 of supplies were on hand.

Prepare the adjusting entries on January 31. Account titles are Accumulated Depreciation—Equipment, Depreciation Expense, Service Revenue, Accounts Receivable, Insurance Expense, Interest Expense, Interest Payable, Prepaid Insurance, Supplies, Supplies Expense, Utilities Expense, and Utilities Payable. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

No.	Date	Account Titles and Explanation	Debit	Credit
1.	Jan. 31	enter an account title for the adjusting entry on January 31	enter a debit amount	enter a credit amount
		enter an account title for the adjusting entry on January 31	enter a debit amount	enter a credit amount
2.	Jan. 31	enter an account title for the adjusting entry on January 31	enter a debit amount	enter a credit amount
		enter an account title for the adjusting entry on January 31	enter a debit amount	enter a credit amount
3.	Jan. 31	enter an account title to record monthly depreciation on January 31	enter a debit amount	enter a credit amount
		enter an account title to record monthly depreciation on January 31	enter a debit amount	enter a credit amount
		(To record monthly depreciation.)
	Jan. 31	enter an account title to record interest on notes payable on January 31	enter a debit amount	enter a credit amount
		enter an account title to record interest on notes payable on January 31	enter a debit amount	enter a credit amount
		(To record interest on Notes payable.)
4.	Jan. 31	enter an account title for the adjusting entry on January 31	enter a debit amount	enter a credit amount
		enter an account title for the adjusting entry on January 31	enter a debit amount	enter a credit amount
5.	Jan. 31	enter an account title for the adjusting entry on January 31	enter a debit amount	enter a credit amount
		enter an account title for the adjusting entry on January 31	enter a debit amount	enter a credit amount

Question 8

The trial balance for Wildhorse Advertising is shown below.

Wildhorse Advertising Trial Balance October 31, 2022
	Debit	Credit
Cash	$15,000
Supplies	2,900
Prepaid Insurance	800
Equipment	5,500
Notes Payable		$4,400
Accounts Payable		2,700
Unearned Service Revenue		1,800
Owner’s Capital		10,200
Owner’s Drawings	600
Service Revenue		11,000
Salaries and Wages Expense	4,400
Rent Expense	900
	$30,100	$30,100

Assume the following adjustment data.

1.		Supplies on hand at October 31 total $600.
2.		Expired insurance for the month is $160.
3.		Depreciation for the month is $70.
4.		Services related to unearned service revenue in October worth $600 were performed.
5.		Services performed but not recorded at October 31 are $300.
6.		Interest to be accrued at October 31 is $70.
7.		Salaries to be accrued at October 31 are $1,000.

Prepare the adjusting entries for the items above. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

No.	Date	Account Titles and Explanation	Debit	Credit
1.	Oct. 31	enter an account title for the adjusting entry on October 31	enter a debit amount	enter a credit amount
		enter an account title for the adjusting entry on October 31	enter a debit amount	enter a credit amount
2.	Oct. 31	enter an account title for the adjusting entry on October 31	enter a debit amount	enter a credit amount
		enter an account title for the adjusting entry on October 31	enter a debit amount	enter a credit amount
3.	Oct. 31	enter an account title for the adjusting entry on October 31	enter a debit amount	enter a credit amount
		enter an account title for the adjusting entry on October 31	enter a debit amount	enter a credit amount
4.	Oct. 31	enter an account title for the adjusting entry on October 31	enter a debit amount	enter a credit amount
		enter an account title for the adjusting entry on October 31	enter a debit amount	enter a credit amount
5.	Oct. 31	enter an account title for the adjusting entry on October 31	enter a debit amount	enter a credit amount
		enter an account title for the adjusting entry on October 31	enter a debit amount	enter a credit amount
6.	Oct. 31	enter an account title for the adjusting entry on October 31	enter a debit amount	enter a credit amount
		enter an account title for the adjusting entry on October 31	enter a debit amount	enter a credit amount
7.	Oct. 31	enter an account title for the adjusting entry on October 31	enter a debit amount	enter a credit amount
		enter an account title for the adjusting entry on October 31	enter a debit amount	enter a credit amount

Question 9

Sheridan Company has the following balances in selected accounts on December 31, 2022.

Accounts Receivable		$ 0
Accumulated Depreciation—Equipment
Equipment		8,000
Interest Payable
Notes Payable		11,000
Prepaid Insurance		2,280
Salaries and Wages Payable
Supplies		2,800
Unearned Service Revenue		31,000

All the accounts have normal balances. The information below has been gathered at December 31, 2022. Interest will be paid when the note is repaid.

1.		Sheridan Company borrowed $10,700 by signing a 9%, one-year note on September 1, 2022.
2.		A count of supplies on December 31, 2022, indicates that supplies of $930 are on hand.
3.		Depreciation on the equipment for 2022 is $1,200.
4.		Sheridan paid $2,280 for 12 months of insurance coverage on June 1, 2022.
5.		On December 1, 2022, Sheridan collected $31,000 for consulting services to be performed evenly from December 1, 2022, through March 31, 2023.
6.		Sheridan performed consulting services for a client in December 2022. The client will be billed $4,500.
7.		Sheridan pays its employees total salaries of $5,100 every Monday for the preceding 5-day week (Monday through Friday). On Monday, December 29, employees were paid for the week ending December 26. All employees worked the last 3 days of 2022.

Prepare adjusting entries for the seven items described above. Devin Wolf prepares adjustments annually. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

No.	Account Titles and Explanation	Debit	Credit
1.	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
2.	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
3.	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
4.	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
5.	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
6.	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
7.	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount

Question 10

The ledger of Cullumber Rental Agency on March 31 of the current year includes the following selected accounts, before adjusting entries have been prepared.

	Debit	Credit
Prepaid Insurance	$ 6,000
Supplies	3,200
Equipment	25,000
Accumulated Depreciation—Equipment		$ 7,840
Notes Payable		22,000
Unearned Rent Revenue		9,300
Rent Revenue		58,000
Interest Expense
Salaries and Wages Expense	19,000

An analysis of the accounts shows the following.

1.		The equipment depreciates $560 per month.
2.		One-third of the unearned rent revenue was earned during the quarter.
3.		Interest of $550 should be accrued on the notes payable.
4.		Supplies on hand total $620.
5.		Insurance expires at the rate of $500 per month.

Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. Additional accounts are Depreciation Expense, Insurance Expense, Interest Payable, and Supplies Expense. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

No.	Date	Account Titles and Explanation	Debit	Credit
1.	Mar. 31	enter an account title for the adjusting entry on March 31	enter a debit amount	enter a credit amount
		enter an account title for the adjusting entry on March 31	enter a debit amount	enter a credit amount
2.	Mar. 31	enter an account title for the adjusting entry on March 31	enter a debit amount	enter a credit amount
		enter an account title for the adjusting entry on March 31	enter a debit amount	enter a credit amount
3.	Mar. 31	enter an account title for the adjusting entry on March 31	enter a debit amount	enter a credit amount
		enter an account title for the adjusting entry on March 31	enter a debit amount	enter a credit amount
4.	Mar. 31	enter an account title for the adjusting entry on March 31	enter a debit amount	enter a credit amount
		enter an account title for the adjusting entry on March 31	enter a debit amount	enter a credit amount
5.	Mar. 31	enter an account title for the adjusting entry on March 31	enter a debit amount	enter a credit amount
		enter an account title for the adjusting entry on March 31	enter a debit amount	enter a credit amount

Question 11

A partial adjusted trial balance of Pharoah Company at January 31, 2022, shows the following.

PHAROAH COMPANY Adjusted Trial Balance January 31, 2022
	Debit	Credit
Supplies	$ 900
Prepaid Insurance	1,800
Salaries and Wages Payable		$ 900
Unearned Service Revenue		650
Supplies Expense	800
Insurance Expense	300
Salaries and Wages Expense	3,200
Service Revenue		2,400

Answer the following questions, assuming the year begins January 1.
(a) If the amount in Supplies Expense is the January 31 adjusting entry and $1,100 of supplies was purchased in January, what was the balance in Supplies on January 1?

Supplies balance

$enter the amount of supplies balance in dollars

(b) If the amount in Insurance Expense is the January 31 adjusting entry and the original insurance premium was for 1 year, what was the total premium and when was the policy purchased?

Total premium		$enter the total premium in dollars

Purchase date		select a purchase date

(c) If $3,100 of salaries owed were paid in January, what was the balance in Salaries and Wages Payable at December 31, 2021?

Salaries and wages payable

$enter the balance in salaries and wages payable in dollars

Question 12

The trial balances before and after adjustment for Cullumber Company at the end of its fiscal year are presented below.

CULLUMBER COMPANY Trial Balance August 31, 2022
	Before Adjustment			After Adjustment
	Dr.	Cr.	Dr.		Cr.
Cash	$10,300		$10,300
Accounts Receivable	8,500		10,000
Supplies	2,300		500
Prepaid Insurance	4,000		2,600
Equipment	12,300		12,300
Accumulated Depreciation—Equipment		$ 3,400			$ 4,400
Accounts Payable		5,800			5,800
Salaries and Wages Payable					1,000
Unearned Rent Revenue		1,500			700
Owner’s Capital		13,800			13,800
Service Revenue		33,900			35,400
Rent Revenue		10,800			11,600
Salaries and Wages Expense	16,900		17,900
Supplies Expense			1,800
Rent Expense	14,900		14,900
Insurance Expense			1,400
Depreciation Expense			1,000
	$69,200	$69,200	$72,700		$72,700

Prepare the adjusting entries that were made. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
Aug. 31	enter an account title to record revenue for services performed on August 31	enter a debit amount	enter a credit amount
	enter an account title to record revenue for services performed on August 31	enter a debit amount	enter a credit amount
	(To record revenue for services performed)
Aug. 31	enter an account title to record supplies used on August 31	enter a debit amount	enter a credit amount
	enter an account title to record supplies used on August 31	enter a debit amount	enter a credit amount
	(To record supplies used)
Aug. 31	enter an account title to record insurance expired on August 31	enter a debit amount	enter a credit amount
	enter an account title to record insurance expired on August 31	enter a debit amount	enter a credit amount
	(To record insurance expired)
Aug. 31	enter an account title to record monthly depreciation on August 31	enter a debit amount	enter a credit amount
	enter an account title to record monthly depreciation on August 31	enter a debit amount	enter a credit amount
	(To record monthly depreciation)
Aug. 31	enter an account title to record accrued salaries and wages on August 31	enter a debit amount	enter a credit amount
	enter an account title to record accrued salaries and wages on August 31	enter a debit amount	enter a credit amount
	(To record accrued salaries and wages)
Aug. 31	enter an account title to record rent earned on August 31	enter a debit amount	enter a credit amount
	enter an account title to record rent earned on August 31	enter a debit amount	enter a credit amount
	(To record rent earned)

Question 13

The trial balances before and after adjustment for Cullumber Company at the end of its fiscal year are presented below.

CULLUMBER COMPANY Trial Balance August 31, 2022
	Before Adjustment			After Adjustment
	Dr.	Cr.	Dr.		Cr.
Cash	$10,100		$10,100
Accounts Receivable	9,000		9,500
Supplies	2,400		500
Prepaid Insurance	3,700		2,700
Equipment	13,800		13,800
Accumulated Depreciation—Equipment		$ 3,600			$ 4,500
Accounts Payable		5,800			5,800
Salaries and Wages Payable					1,500
Unearned Rent Revenue		1,400			600
Owner’s Capital		15,500			15,500
Service Revenue		33,800			34,300
Rent Revenue		10,900			11,700
Salaries and Wages Expense	17,200		18,700
Supplies Expense			1,900
Rent Expense	14,800		14,800
Insurance Expense			1,000
Depreciation Expense			900
	$71,000	$71,000	$73,900		$73,900

(a)

Prepare the income statement for the year.

CULLUMBER COMPANY Income Statement choose the accounting period
select an opening name for section one
enter an income statement item	$enter a dollar amount
enter an income statement item	enter a dollar amount
select a closing name for section one		enter a total amount for section one
select an opening name for section two
enter an income statement item	$enter a dollar amount
enter an income statement item	enter a dollar amount
enter an income statement item	enter a dollar amount
enter an income statement item	enter a dollar amount
enter an income statement item	enter a dollar amount
select a closing name for section two		enter a total amount for section two
select a closing name for this statement		$enter a total net income or loss amount

(b)

The parts of this question must be completed in order. This part will be available when you complete the part above.

(c)

The parts of this question must be completed in order. This part will be available when you complete the part above.

Question 14

At the end of its first year, the trial balance of Crane Company shows Equipment $32,900 and zero balances in Accumulated Depreciation—Equipment and Depreciation Expense. Depreciation for the year is estimated to be $3,790.
Prepare the annual adjusting entry for depreciation at December 31. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
Dec. 31	enter an account title for the adjusting entry on December 31	enter a debit amount	enter a credit amount
	enter an account title for the adjusting entry on December 31	enter a debit amount	enter a credit amount

Post the adjustments to T-accounts.

Depreciation Expense
choose a transaction date	enter a debit amount	choose a transaction date	enter a credit amount
Accumulated Depreciation— Equipment
choose a transaction date	enter a debit amount	choose a transaction date	enter a credit amount

Indicate the balance sheet presentation of the equipment at December 31.

Crane Company Balance Sheet (Partial)
enter a balance sheet item	$enter a dollar amount
select between addition and deduction :enter a balance sheet item	enter a dollar amount	$enter a subtotal of the two previous amounts

Question 15

On July 1, 2022, Carla Vista Co. pays $26,600 to Metlock Insurance Co. for a 4-year insurance contract. Both companies have fiscal years ending December 31.
Journalize and post the entry on July 1 and the annual adjusting entry on December 31 for Metlock Insurance Co. Metlock uses the accounts Unearned Service Revenue and Service Revenue. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

Date	Account Titles and Explanation	Debit	Credit
choose a transaction date	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount

Unearned Service Revenue
choose a transaction date	enter a debit amount	choose a transaction date	enter a credit amount
choose the end date of the accounting period	enter a debit balance	choose the end date of the accounting period	enter a credit balance
Service Revenue
choose a transaction date	enter a debit amount	choose a transaction date	enter a credit amount

Question 16

The bookkeeper for Oriole Company asks you to prepare the following accrual adjusting entries at December 31.

1.		Interest on notes payable of $550 should be accrued.
2.		Services performed but unbilled totals $2,100.
3.		Salaries of $800 earned by employees have not been recorded or paid.

Use these account titles: Service Revenue, Accounts Receivable, Interest Expense, Interest Payable, Salaries and Wages Expense, and Salaries and Wages Payable. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

No.	Date	Account Titles and Explanation	Debit	Credit
1.	Dec. 31	enter an account title for the adjusting entry on December 31	enter a debit amount	enter a credit amount
		enter an account title for the adjusting entry on December 31	enter a debit amount	enter a credit amount
2.	Dec. 31	enter an account title for the adjusting entry on December 31	enter a debit amount	enter a credit amount
		enter an account title for the adjusting entry on December 31	enter a debit amount	enter a credit amount
3.	Dec. 31	enter an account title for the adjusting entry on December 31	enter a debit amount	enter a credit amount
		enter an account title for the adjusting entry on December 31	enter a debit amount	enter a credit amount

Question 17

The adjusted trial balance of Crane Company at December 31, 2022, includes the following accounts: Owner's Capital $17,500, Owner's Drawings $7,100, Service Revenue $36,300, Salaries and Wages Expense $16,900, Insurance Expense $2,900, Rent Expense $3,100, Supplies Expense $1,300, and Depreciation Expense $1,400.
Prepare an income statement for the year.

CRANE COMPANY Income Statement choose the accounting period
select an opening name for section one
enter an income statement item		$enter a dollar amount
select an opening name for section two
enter an income statement item	$enter a dollar amount
enter an income statement item	enter a dollar amount
enter an income statement item	enter a dollar amount
enter an income statement item	enter a dollar amount
enter an income statement item	enter a dollar amount
select a closing name for section two		enter a total amount for section two
select a closing name for this statement		$enter a total net income or loss amount

Question 18

The adjusted trial balance of Sunland Company at December 31, 2022, includes the following accounts: Owner’s Capital $17,600, Owner’s Drawings $7,300, Service Revenue $37,000, Salaries and Wages Expense $16,400, Insurance Expense $2,800, Rent Expense $3,400, Supplies Expense $1,800, and Depreciation Expense $1,200. The balance in Owner’s Capital is the balance as of January 1.
Prepare an owner’s equity statement for the year assuming net income is $11,400 for the year. (List items that increase owner's equity first.)

SUNLAND COMPANY Owner’s Equity Statement choose the accounting period
select an opening name for this statement	$enter a dollar amount
select between addition and deduction : select an item	enter a dollar amount
	enter a subtotal of the two previous amounts
select between addition and deduction : select an item	enter a dollar amount
select a closing name for this statement	$enter a total amount for this statement

Question 19

Sheridan Company records all prepayments in income statement accounts. At April 30, the trial balance shows Supplies Expense $2,400, Service Revenue $8,000, and zero balances in related balance sheet accounts.
Prepare the adjusting entries at April 30 assuming (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

(a)	$700 of supplies on hand and
(b)	$2,500 of service revenue should be reported as unearned.

No.	Date	Account Titles and Explanation	Debit	Credit
(a)	Apr. 30	enter an account title for the adjusting entry on April 30	enter a debit amount	enter a credit amount
		enter an account title for the adjusting entry on April 30	enter a debit amount	enter a credit amount
(b)	Apr. 30	enter an account title for the adjusting entry on April 30	enter a debit amount	enter a credit amount
		enter an account title for the adjusting entry on April 30	enter a debit amount	enter a credit amount