Comprehensive problem including depreciation (Appendix)

Bower Consulting Company started the period with cash of $25,000, common stock of $13,000, and retained earnings of $12,000. Bower engaged in the following transactions in 2016:

Transactions during 2016 1. On January 1, 2016, purchased office furniture for $12,000.

2. On March 1, paid $5,400 for an insurance policy that provides coverage for 12 months beginning immediately.

3. Purchased $1,800 of supplies for cash.

4. Provided $39,000 of services for cash.

5. Paid $9,000 for salaries expense.

6. On April 1, received $12,000 for services that will be performed over the next 12 months beginning immediately.

Information for Adjusting Entries 7. The furniture had an estimated life of four years and a $2,000 salvage value. 8. Recognized the expired insurance. 9. An inventory of supplies showed $250 of supplies on hand as of December 31. 10. Recognized the revenue associated with Event 6 as of December 31. Required a. Record the 10 events in general journal format. b. Prepare an income statement, balance sheet, and statement of cash flows.

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