Flood Relief Inc. prepares monthly financial statements and therefor re adjusts its accounts at the end of every month. The following inforrnation is available for June 2017: Required: 1. For each of the following situations, identify and analyze the adjustment necessary on June 30, 2017. Do not round intermediate calculations. If required, round your final answers to the nearest dollar. a. Flood received $10,000, 496, two-year note receivable from a customer for time. Assume a 360-day year Activity Accounts Statement(s) services rendered. The principal and interest are due on June 1, 2019. Flood expects to be able to collect the note and interest in full at that principal and interest ar How does this entry affect the accounting equation? al statement item is not affected, select No Entry and leave the amount box blank. If the effect on a financial statement item is negative, ie, a decrease, be sure to enter the answer with a minus sign. Balance Sheet Income Statement Stockholders Net Assets Liabilities +Equity - Income b. Office supplies totaling $5,600 were purchased during the month. The asset account Supplies is increased whenever a purchase is made. A count in the storeroom on June 30, 2017, indicates that amount to $507. The supplies on hand at the beginning of the month total $475. Activity Accounts Statement(s) on hand How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, i.e, a decrease, be sure to enter the answer with a minus sign. Income Statement Previous Next