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.