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Some extra problems-Exam 1 - The beginning balance of...

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The beginning balance of Supplies on Hand was $1,500. During the year, $2,300 of supplies were purchased and charged to a nominal account. The current period’s income statement shows total supplies expense of $3,000. Prepare the missing adjusting entry that must have been made (assuming reversing entries are not made). __________________________________________________________ The beginning and ending balances of Accounts Receivable were $55,000 and $75,000, respectively. On the income statement, revenues total $200,000 of which 70% were on credit. Assuming no accounts were specifically written off (due to uncollectibility), Prepare the missing entry that must have been made to accounts receivable. __________________________________________________________ The ending balance of inventory is $45,000. The income statement shows Purchases of $77,000 and Cost of Goods Sold of $123,000. Based on this information, what must have been the beginning balance in inventory? __________________________________________________________
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Given the following information, what is net income for the current period? A s s e t s , J a n u a r y 1 $ 2 4 0, 0 0 0 A s s e t s , D e c e m b e r 3 1 2 3 0, 0 0 0
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__________________________________________________________
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