On January 10, 2019 the first day if the spring semester, the cafeteria of The Defiance College purchased for cash enough paper napkins to last the entire 16-week semester. The total cost was $4700.

Required: 1. Prepare the Horizontal model and Journal entry for each of the following transactions a. The purchase of the paper napkins, assuming that the purchase was initially recorded as an expense b. At January 31, it was estimated that the cost of the paper napkins used during the first three weeks of the semester totaled $940. c. The purchase of the paper napkins, assuming that the purchase was initially recorded as an asset. d. At January 31 if the initial purchase had been recorded as inc Indicate the financial statement effect 2. Consider the effects that entries a and b would have on the following: a. Income statement for the month of January? b. Balance sheet at January 31? Complete this question by entering your answers in the tabs below. Required 1A Hequired 18 Required 2 1-a. Prepare the Horizontal model for each of the following transactions a. The purchase of the paper napkins, assuming that the purchase was initially recorded as an expense. b. At January 31, it was estimated that the cost of the paper napkins used during the first three weeks of the semester totaled $940. The purchase of the paper napkins, assuming that the purchase was initially recorded as an asset d. At January 1 if the initial purchase had been recorded as inc. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect) Balance Sheet Assets Stockholders Equity Not income Income Statement Revenues Expenses Supplies experta +4 700 Supplies expense 3.760 Cash 4 700 Supplies 3,760 c Supplies +4 700 d. Supples-940 Supplies expense 1940 RESTA Required 18 > Complete this question by entering your answers in the tabs below. Required 1A Required 18 Required 2 1-b. Prepare the journal entry for each of the following transactions. (If no entry is required for a transaction/event, select "No joumal entry required in the first account field.) a. The purchase of the paper napkins, assuming that the purchase was initially recorded as an expense b. At January 31, it wall stimated that the cost of the paper napkins used during the first three weeks of the semester totaled 5940 c. The purchase of the paper napkins, assuming that the purchase was initially recorded as an asset d. At January 31 if the initial purchase had been recorded as in c Show less View transaction list View journal entry worksheet No Transaction General Journal Debit Credit 1 4.700 Supplies expense Cash 4.700 Complete this question by entering your answers in the tabs below. Required 1A Required 18 Required 2 Consider the effects that entries a and b would have on the following: a. Income statement for the month of January? b. Balance sheet at January 31? of Result in Result in an expense an asset of