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Brief Exercise 3-4 Analyze the impact of transactions on the balance of cash, cash- basis net income, and accrual-basis net income (L03-1, 3-2) Consider the following set of transactions occurring during the month of May for Bison Consulting Company. For each transaction indicate the impact on (1) the balance of cash, (2) cash-basis net income, and (3) accrual-basis net income for May. The first answer is provided as an example. (Negative amounts should be indicated by a minus sign.) Cash Balance Impact on: Accrual- Basis Net Income Cash-Basis Net Income $ 1,500 $ 1,500 $ 0 (a) Receive $1,500 from customers who were billed for services in April (b) Provide $3,200 of consulting services to a local business. Payment is not expected until June. Purchase office supplies for $400 on account. All supplies (c) are used by the end of May. (d) Pay $600 to workers. $400 is for work in May and $200 is for work in April. (e) Pay $200 to advertise in a local newspaper in May. Totals 1 points At the beginning of May, Golden Gopher Company reports a balance in Supplies of $500. On May 15, Golden Gopher purchases an additional $3,300 of supplies for cash. By the end of May, only $300 of supplies remains. Required: 1.82. Record the necessary entries in the Journal Entry Worksheet below. 3. Calculate the balances after adjustment on May 31 of Supplies and Supplies Expense. eBook Complete this question by entering your answers in the tabs below. Print Required 1 and 2 Required 3 Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field) View transaction list Journal entry worksheet 1 2 Record the purchase of supplies. Note: Enter debits before credits Dato General Journal Doble Credit May 15 MC Dros 27 111 Nay At the beginning of May, Golden Gopher Company reports a balance in Supplies of $500. On May 15, Golden Gopher purchases an additional $3,300 of supplies for cash. By the end of May, only $300 of supplies remains. Required: 1.82. Record the necessary entries in the Journal Entry Worksheet below. 3. Calculate the balances after adjustment on May 31 of Supplies and Supplies Expense. Complete this question by entering your answers in the tabs below. Required 1 and 2 Required 3 Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field) View transaction list Journal entry worksheet 1 Record the adjusting entry for supplies on May 31. Note: Enter debits before credits Debit General Journal Date Credit May 31 Brief Exercise 3-6 Record the adjusting entry for supplies (LO3-3) At the beginning of May, Golden Gopher Company reports a balance in Supplies of $500. On May 15, Golden Gopher purchases an additional $3,300 of supplies for cash. By the end of May, only $300 of supplies remains. Required: 1.82. Record the necessary entries in the Journal Entry Worksheet below. 3. Calculate the balances after adjustment on May 31 of Supplies and Supplies Expense. Complete this question by entering your answers in the tabs below. Required 1 and 2 Required 3 Calculate the balances after adjustment on May 31 of Supplies and Supplies Expense. Ending Balance Supplies Supplies expense