Below are needed to answer detailed: The answers and solutions are explained below. Explanation: I arrived with

Below are needed to answer detailed:

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The answers and solutions are explained below. Explanation: I arrived with a different amounts based on the problem. The computation are as follows: Service Fees Amount Collected from customer - Ending balance of Accounts Receivable = Revenue for the Period 12,000+ 1,500 = 13,500 Supplies Expense Amount paid for supplies - Supplies on hand at the end = Supplies Expense 800-100= 700 Salaries Expense Salaries payable at the end + Salaries paid = Salaries Expense 600 +3,600 = 4,200 Rent Expense 1,200 x 4/12 = 800 (The entity only consumed 4 months of the agreement.) Repairs Expense Given: 600 Depreciation Expense 600 x 1/4 150 (The entity used up 1/4 of the trailers service potential.) Interest Expense 1,200 x 10% x 4/12 = 40 Thus, the net income for the period is $7,010. Income Statement Service Fees Exp = Supplies Exp Salaries Rent Repairs Depreciation Interest Net Income 700 4,200 800 600 150 40 13,500 6,490 7,010 The answers and solutions are explained below. Explanation: I arrived with a different amounts based on the problem. The computation are as follows: Service Fees Amount Collected from customer - Ending balance of Accounts Receivable = Revenue for the Period 12,000+ 1,500 = 13,500 Supplies Expense Amount paid for supplies - Supplies on hand at the end = Supplies Expense 800-100= 700 Salaries Expense Salaries payable at the end + Salaries paid = Salaries Expense 600 +3,600 = 4,200 Rent Expense 1,200 x 4/12 = 800 (The entity only consumed 4 months of the agreement.) Repairs Expense Given: 600 Depreciation Expense 600 x 1/4 150 (The entity used up 1/4 of the trailers service potential.) Interest Expense 1,200 x 10% x 4/12 = 40 Thus, the net income for the period is $7,010. Income Statement Service Fees Exp = Supplies Exp Salaries Rent Repairs Depreciation Interest Net Income 700 4,200 800 600 150 40 13,500 6,490 7,010

Answer rating: 100% (QA)

Record all transactions and necessary adjustments for Jerrys Surf Enterprises a Initial investment Cash Asset 60000 Capital Equity 60000 b Loan from the bank Cash Asset 10000 Loan Payable Liability 10... View the full answer