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Using adjusting journal entries and computing financial statement amounts The adjusted trial balances of Superior International, Inc., at August 31, 2012, andAugust 31, 2011, include the following amounts:
2012
2011
Supplies
$2,400
$1,200
Salary payable
2,500
4,100
Unearned service revenue
12,100
17,100
Analysis of the accounts at August 31, 2012, reveals the following transactions for the fiscal year ending in 2012:
Cash payments for supplies
$ 6,100
Cash payments for salaries
47,300
Cash receipts in advance for service revenue
83,200
Requirement
1. Compute the amount of Supplies expense, Salary expense, and Service revenue to report on the Superior International income statement for 2012.
Financial Statement Analysis and Preparation
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