PART A:

B$)$ After completing the Accounting Equation, prepare an Income Statement and a Balance Sheet for the month of July, $2017$ for Napco.

Note: Your financial statements should flow directly from the Accounting Equation worksheet above!

PART B:

Show Journal Entries $($debits & credits$)$ to reflect the following adjustments:

Samco had prepaid its annual insurance bill of $$12,000$ as of $10-1.$ What would the adjusting entry be at their $12-31$ year$-$end?

On $8-1,$ Prepco had been paid $$4,000$ by a client to clean its workplace for $8$ months, including August. What would be the adjusting entry at year end?

Samco bought a tractor for $$10,000$ on $1-1.$ It can depreciate the tractor over $10$ years.

Make an adjustment to recognize Depreciation Exp at year$-$end.

EdCo cleaned RamCo's floors for a price of $$2,000$ on account. Just before year end, Ramco makes a payment of $$1,000.$ What would then entry be for this payment?