Record the effect, if any, of the transaction entry or adjusting entry on the appropriate balance sheet category or on the income statement by entering the account name and amount and indicating whether it is an addition (+) or subtraction (-). Column headings reflect the expanded balance sheet equation, items that affect net income should not be shown as affecting stockholders' equity. The first transaction is provided as an illustration a. During the month. Supplies Expense was debited $3,100 for supplies purchased. The cost of supplies used during the month was $1.200. Record the adjustment to properly reflect the amount of supplies used and supplies still on hand at the end of the month. b. During the month, the board of directors declared a cash dividend of $3,000 payable next month. c. Employees were paid $2,520 in wages for their work during the first three weeks of the month. d. Employee wages of $660 for the last week of the month have not been recorded. e. Revenues from services performed during the month totaled 56,120. Of this amount. $3.120 was received in cash and the balance is expected to be received within 30 days. t. A contract was signed with a newspaper for a $240 advertisement the ad ran during this month but will not be paid for until next month. g. Merchandise that cost $816 was sold for $1704. Of this amount, $1,320 was received in cash and the balance is expected to be received within 30 days. h. Independent of transaction o assume that during the month supplies were purchased at a cost of $264 and debited to the Supplies (asset) account A total of $156 of supplies were used during the month. Record the adjustment to properly reflect the amount of supplies used and supplies still on hand at the end of the month. 1. Interest of 5324 has been earned on a note receivable but has not yet been received J. Issued 400 shares of $24 par value common stock for $9.600 in cash. Required: a. Indicate the financial statement effect. b. Prepare the journal entry for the above transactions Answer is not complete. Complete this question by entering your answers in the tabs below. d. indicate the financial Statement erect b. Prepare the journal entry for the above transactions Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required Indicate the financial statement effect. Balance Sheet Category Transaction Assets Dup000 Stockholders' Equity Income Statement Net Income Effect Se Ep+1000 Dividends payable 3.000 Rated Gm3,000 Cash 2.520 d Wage payl000 Wages asperse 2,620 Wiigeses-000 Service revenue 120 C3.120 Accounts receivable +3,000 1 Accounts payable 240 $ Advertising one-240 S1.704 Cost of goods sold-818 OOO OOOOOO Ca 1320 Autoreve 134 Merchandiservatory-210 Supplies - 150 Interest rable +324 Cash +0.000 OOO00000 w Suspense - 158 Interest 324 Common stock 2,000 Required > No Event General Journal Debit Credit 1 a 1.000 Supplies Supplies expense O 1,000 2 b 3,000 Interest receivable Dividends payable 3,000 3 c 2,520 Wages expense Cash >> 2,520 4 d. Cash 880 x x Interest revenue 680 5 6.120 6,120 6 4 240 240 . 01. 1.320 > 1.320 X 8 02 Merchandise inventory 818 X X Cost of goods sold 818 h 158 158 2,920 V Casn d. Cash 880 880 Interest revenue 5 8,120 X 6,120 X 0 f. 240 240 7 g1. 1,320 1,320 X 8 92. 810 Merchandise inventory XX 810 Cost of goods sold 9 h 156 > 150 10 324 324 11 9.600 9,800
