Attached is an Income statement for Fleming Company. Your office burned down. Yo

Question

Attached is an Income statement for Fleming Company. Your office burned down. You found the following date: Fleming Income Statement: Revenue $20,980 Rent Expense $2,400 Depreciation Expense $ 2,200 Supplies Expense $ 960 Office Expense $1,240 total $ 6,800 Net income $ 14,100 And the following Notes The company paid $15,600 in cash dividends. Accounts receivables decreased by $ 1,480 during the course of the year. Accounts payable increased by $ 380 when they purchased supplies. Total cash increased from $ 460 to $ 3100 Prepare the journal entries that occurred during the year. use T account for each account.

Explanation / Answer

Date Account title Debit credit a Cash 22460 Accounts receivable 22460 [being receivables collected ] [20980sales+1480decrease in receivable] b supplies 380 Accounts payable 380 [supplies purchased on account] c Rent expense 2400 Office expense 1240 cash 3640 d supplies expense 960 supplies 960 [being supplies used] e Cash dividend 15600 cash 15600 f Depreciation expense 2200 Accumulated depreciation 2200

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