please answer question 3
1. The statements of financial position of Claude Company include the following: 12/31/20 12/31/19 Interest Receivable 4,300 -O- Supplies 5,000 3,000 Salaries and Wages Payable 4,100 3,800 Unearned Service Revenue -0- 4,000 The income statement for 2020 shows the following: Interest Revenue Service Revenue Supplies Expense Salaries and Wages Expense 16,400 75,700 10,700 41,000 Instructions Calculate the following for 2020: 1. Cash received for interest. 2. Cash paid for supplies. 3. Cash paid for Salaries and wages. 4. Cash received for revenue. 2.Before month-end adjustments are made, the February 28 trial balance of Alice's Adventures contains revenue of $7,000 and expenses of $3,900. Adjustments are necessary for the following items: Depreciation for February is $1,500. Revenue earned but not yet billed is $2,300. Accrued interest expense is $700. Revenue collected in advance that is now earned is $3,500. Portion of prepaid insurance expired during February is $600. Instructions Calculate the correct net income for Alice's Income Statement for February. 3. On July 1, 2020, Patrick Company pays 12,000 to its insurance company for a 2-year insurance policy. On July 1, 2020, Jeffrey Underwriters Associates received $16,000 from a client for a 2-year insurance policy. Instructions Prepare the necessary journal entries for Patrick on July 1 and December 31. 4.The trial balances before and after adjustments for Old Julian Company at the end of its fiscal year are presented below. Old Julian Company Trial Balance September 30, 2020 Before Adjustment After Adjustment Dr. Cr. Dr. Cr. Cash $ 15,080 $ 15,080 Accounts Receivable 14,960 16, 110 Supplies 2,760 885 Prepaid Insurance 5,800 1,450 Equipment 13,300 13,300 Accumulated Depreciation - Equip $ 5,220 $ 6,960 Accounts Payable 9,860 9,860 Salaries and Wages Payable 2,750 Unearned Service Revenue 2,175 1,150 Unearned Rent Revenue 2,100 525 Share Capital-Ordinary 18,395 18,395 Service Revenue 48,800 50,975 Rent Revenue 1,575 3,150 Salaries and Wages Expense 36,225 38,975 Supplies Expense 1,875 Insurance Expense 4,350 Depreciation Expense 1,740 $ 88,125 $ 88,125 $ 93.765 $ 93,765 Instructions Prepare the adjusting entries that were made. 5.Ben Cartwright Pest Control has the following balances in selected accounts 0 0 6,650 0 on December 31, 2020. Accounts Receivable Accumulated Depreciation - Equipment Equipment Interest Payable Notes Payable Prepaid Insurance Salaries and Wages Payable Supplies Unearned Service Revenue 20,000 3,000 0 2,940 36,000 All of the accounts have normal balances. The information below has been gathered at December 31, 2020. 1. Depreciation on the equipment for 2020 is 1,250. 2. Ben Cartwright Pest Control borrowed 20,000 by signing a 6%, one- year note on July 1, 2020. 3. Ben Cartwright Pest Control paid 3,000 for 12 months of insurance coverage on October 1, 2020. 4. Ben Cartwright Pest Control pays its employees total salaries of 10,000 every Monday for the preceding 5-day week (Monday-Friday). On Monday, December 27, 2020, employees were paid for the week ending December 24, 2020. All employees worked the five days ending December 31, 2020. 5. Ben Cartwright Pest Control performed disinfecting services for a client in December 2020. The client will be billed 3,000. 6. On December 1, 2020, Ben Cartwright Pest Control collected 36,000 for disinfecting processes to be performed from December 1, 2020, through May 31, 2021. 7. A count of supplies on December 31, 2020, indicates that supplies of 750 are on hand. Instructions Prepare in journal form with explanations, the adjusting entries for the seven items listed for Ben Cartwright Pest Control
