At the beginning of 2024 Mintz Co. had $1,000 of supplies. During the year, it purchased an additional $4,000 of supplies on account. Latte Mintz paid $3,000 on accounts payable related to the supplies. A count of supplies at the end of 2024 showed that supplies on hand were $500. How much supplies expense will be reported on the income statement and how much cash was paid for the supplies during 20247

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
answer the following
Ch 2 Practice
At the beginning of 2024 Mintz Co. had $1,000 of supplies. During the
year, it purchased an additional $4,000 of supplies on account. Latte,
Mintz paid $3,000 on accounts payable related to the supplies. A count
of supplies at the end of 2024 showed that supplies on hand were
$500. How much supplies expense will be reported on the income
statement and how much cash was paid for the supplies during 20247
2. Bostick Services, Inc. reported unearned rent of $5,400 on January 1,
2024 and $7,800 at December 31, 2024. Rent revenue of $45,900 was
reported in the 2024 income statement and rent collections during
2024 were $48,300, all of which was credited to the unearned rent
account. What adjusting entry was made on December 31, 20247
5. Nichelle Company has a balance in interest receivable at December 31,
2025 and 2024 of $7,300 and $5,700, respectively. During 2025,
Nichelle collected $40,000 in interest. What amount of interest
revenue should it report for 2025?
Transcribed Image Text:Ch 2 Practice At the beginning of 2024 Mintz Co. had $1,000 of supplies. During the year, it purchased an additional $4,000 of supplies on account. Latte, Mintz paid $3,000 on accounts payable related to the supplies. A count of supplies at the end of 2024 showed that supplies on hand were $500. How much supplies expense will be reported on the income statement and how much cash was paid for the supplies during 20247 2. Bostick Services, Inc. reported unearned rent of $5,400 on January 1, 2024 and $7,800 at December 31, 2024. Rent revenue of $45,900 was reported in the 2024 income statement and rent collections during 2024 were $48,300, all of which was credited to the unearned rent account. What adjusting entry was made on December 31, 20247 5. Nichelle Company has a balance in interest receivable at December 31, 2025 and 2024 of $7,300 and $5,700, respectively. During 2025, Nichelle collected $40,000 in interest. What amount of interest revenue should it report for 2025?
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Accounting for Notes
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education