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Expert Janitorial Services Inc. experienced the following events in 2013, its first year of operation:
1. Performed services for $35,000 cash. 2. Purchased $6,000 of supplies on account. 3. A physical count on December 31, 2013, found that there was $1,800 of supplies on hand.
Required: Based on this information alone:
a. Record the events under an accounting equation. b. Prepare an income statement, balance sheet, and statement of cash flows for the 2013 accounting period. c. What is the balance in the Supplies account as of January 1, 2014? d. What is the balance in the Supplies Expense account as of January 1, 2014?
At the end of the period it is necessary to close all temporary accounts. (1) Explain why this process is required and (2) provide an example of the closing of an expense account, Rent Expense in the form of a journal entry.
Jerry, a general contractor by trade, is a tenant of Montgomery Apartments. In exchange for four months rent at $900 per month, Jerry provided the following items and services for Paul, the owner of the apartments: How should Paul treat this trans..
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