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The following is the selected balances in the financial statements of Sherry Company. Unadjusted Adjusted Adjustment Bal Bal Revenues 120,000 Expenses 80,000 Net Income 40,000
The following is the selected balances in the financial statements of Sherry Company. Unadjusted Adjusted Adjustment Bal Bal Revenues 120,000 Expenses 80,000 Net Income 40,000 Assets 100,000 Total Liabilities 30,000 SE Equity 70,000 Net Cash Flows from 15,000 Operating Activities Net Cash Flows from Investing -3,000 Activities Net Cash Flows from 5,000 Financing Activities On November 1, 2020, Rose Company invested $12,000 of the idle cash of the company on a 6-month, 3%, CD (Certificate of Deposit). The principal and interest will be collected on the maturity of the CD. What would be the balance for the above items after the adjusting journal entry on December 31, 2020 the end of accounting period? Example of Answer: Revenues = 2000 Expenses = 1800 Net Income = 200 SO on (No space, comma, decimal point, or $ sign) Show negative amount with a minus Example: Net Cash Flows from Operating Activities = -3000 Revenues = AJ Expenses = A/ Net Income = AJ Total Assets = A Total Liabilities AV
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