27 + On June 1, Year 1, Jack Associates collected $48,000 cash for consulting services to be provided for one year beginning immediately. Based on this information, which of the following shows how the required adjustment on December 31, Year 1, would affect Jack's accounting equation? Assets Liabilities Stockholders' Equity Prepaid Unearned Common Retained Cash Rent Revenue Stock Earnings A. (28,000) 28,000 B. 20,000 (20,000) C. (20,000) 20,000 D. 28,000 (28,000) 02:20:53 olol Print Multiple Choice Option D Option B Option A 26 Revenue on account amounted to $7,800. Cash collections of accounts receivable amounted to $5,150. Expenses for the period were $4,000. The company paid dividends of $1,400. What was net income for the period? 8 02:20:37 Multiple Choice Print $3,800 $3,750 O $1,150 $2,400 21 During Bruce Company's first year of operations, the company purchased $2,300 of supplies. At year-end, a physical count of the supplies on hand revealed that $825 of unused supplies were available for future use. How will the related adjusting entry affect the company's financial statements? 02:20:30 Multiple Choice Print The related adjusting entry has no effect on net income or the accounting equation. Assets and expenses will both increase by $825. Expenses will increase and assets will decrease by $1,475. Expenses and assets will both increase by $1,475