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QUESTION 1 At the beginning of 2022, Ludlow Company had $200 of supplies on hand. During the year, the business paid $9,000 for additional items

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QUESTION 1 At the beginning of 2022, Ludlow Company had $200 of supplies on hand. During the year, the business paid $9,000 for additional items and increased its supplies inventory account to record these purchases. Ludlow held $550 of supplies at the end of the year. What amount of supplies inventory will Ludlow report on its December 31, 2022 balance sheet after posting the appropriate year-end adjusting entry? QUESTION 2 Prior to preparing adjusting entries at the end of 2023. Green Company had balances of $39,000 in accounts receivable and $550,000 in service revenue. During the final days of the year, the company completed a job for a customer. Green will eventually charge $5,000 for the work, but the company had not yet billed the customer nor accrued the income at year-end What amount of of service revenue will Green report on its 2022 Income Statement after recording the appropriate adjusting entry at year-end? QUESTION 3 Aqua Company pays its employees every Friday for the five day workweek ending on that day, December 31 fell on a Tuesday in 2024. The business did not pay wages on that day. Instead, Aqua followed its normal pattern and disbursed $8,000 to the employees on the first Friday of 2025. Before recording adjusting entries at the end of 2024. Aqua carried balances of $440,000 in wage expense and 50 in wages payable What amount of wages expense will Yellow report on its 2024 income Statement after making the appropriate year-end adjusting entry? QUESTION 4 At the beginning of 2022, Chicopee Company had $300 of supplies on hand. During the year, the business paid $6,000 for additional items and increased its supplies inventory account to record these purchases. Chicopee held $350 of supplies at the end of the year What amount of supplies expense will Chicopee report on its 2022 Income Statement after posting the appropriate year-end adjusting entry

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