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haileyw123
haileyw123
16.02.2022 • 
Business

Paid $5,400 cash for the salaries accrued at the end of the prior accounting period. Performed services for cash of $51,000. Purchased $4,300 of supplies on account. Paid $15,000 cash in advance for rent. The payment was for one year beginning April 1, Year 2. Performed services for customers on account for $118,000. Incurred operating expenses on account of $56,500. Collected $104,000 cash from accounts receivable. Paid $54,000 cash as a partial payment on accounts payable. Paid $33,000 cash for salary expense. Paid a $12,000 cash dividend to stockholders. Adjusting Entries Made the adjusting entry for the expired rent. (Hint: Part of the rent was paid in Year 1.) Recorded supplies expense. A physical count showed that $650 of supplies were still on hand. d-1. Prepare an income statement for Year 1.

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