Question: a. Using the Transaction Analysis Template, determine the financial statement effect of each of the necessary adjustments as of April 30. 1. Supplies on hand

a. Using the Transaction Analysis Template, determine the financial statement effect

a. Using the Transaction Analysis Template, determine the financial statement effect of each of the necessary adjustments as of April 30. 1. Supplies on hand on April 30 amounted to $400. 2. A two-year insurance policy was purchased on April 1. 3. 25% of the roofing fees received in advance (in Unearned revenue) were earned by April 30. b. Prepare the income statement for the month of April and the balance sheet as of April 30. TIP: Refer to Exhibit 3-3 for help with the order of presentation. Enter amounts that reduce the totals as negative numbers

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