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Credit Debit 2,500 1,900 1,800 90.000 Cash Supplies Prepaid Insurance Truck Accum. Depreciation, Truck Accounts...

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Accounting

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Credit Debit 2,500 1,900 1,800 90.000 Cash Supplies Prepaid Insurance Truck Accum. Depreciation, Truck Accounts Payable Uneamed Revenue Workout, Capital Service Revenue Earned Salaries Expense Utilities Expense 3,200 24,700 3,600 60,000 9,200 3,000 1,500 $100,700 $100.700 The following information is also available 1 Used supplies, 8900 2. Unexpired insurance, $1,600 3. Depreciation of truck for the period, $300 4. Fees still uncanned at the end of the period $1,400. 5. Salaries accrued $350 Required 1. Prepare the adjusting entries as of December 31, 2018 (20 points) 2. Explain the effect of adjusting entries on total net income (Hint: Calculate net income before and after adjustments in order to answer the question) (20 points). 3. What are the differences between the cash and accrual bases of accounting? (10 points)

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