Question

Farris Corporation had the following operating events occur during the month of August 2010. Farris Corporation’s fiscal year- end is August 31.
1 Paid $ 5,000 for four months’ rent in advance.
2 Received and paid $ 950 bill for advertising.
5 Purchased $ 300 of office supplies on account.
15 Paid $ 700 for life insurance on the company president. This is a semiannual premium and the first time the company has insured the president.
21 Received phone bill for $ 240 to be paid on August 30.
26 Paid $ 365 postage to mail advertising brochures to customers.
30 Paid phone bill.
Additional Information:
Account balances August 1:
Office supplies ............................................................................................... $ 3,100
Information for adjusting entries:
Office supplies on hand, August 31, 2010..................................................... 1,250
Required:
A. Make the appropriate entries for the events in August.
B. Show how the results of these events are presented on Farris Corporation’s financial statements.


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  • CreatedMarch 25, 2015
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