Ben Parker started and operated a small family architectural firm in 2013. The firm was affected by
Question:
Required
a. Open T-accounts and record the two transactions in the accounts.
b. Record the required year-end adjusting entry to reflect the use of supplies.
c. Record the preceding transactions in a horizontal statements model like the following one:
d. Explain why the amounts of net income and net cash flow from operating activities differ.
e. Record and post the required closing entries, and prepare a post-closing trialbalance.
Transcribed Image Text:
Assets - Liab. +Equity Rev.Exp. Net Inc. Cash Flow Accts. Rec. + Supplies = Pay. + Earn Accts. Ret.
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a b e Assets Liabilities Stockholders Equity Accounts Rec Accounts Pay Retained Earnings Debit Credi...View the full answer
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Related Book For
Fundamental financial accounting concepts
ISBN: 978-0078025365
8th edition
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward
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