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Accounting
Need answers for all the parts in details.
Need answers for all the parts in details.
The general ledger of the Flounder Company on March 31st, 2023 includes the following selected accounts before adjusting entries have been prepared: An analysis of the accounts shows the following: 1. Accounts due from customers but not yet billed total $1,300. 2. A count of supplies show there is $800 supplies on hand. 3. The telephone bill of $280 has not yet been received for the month (use Accounts Payable). 4. The prepaid one-year insurance policy was bought on January 1, 2023. Instruction: a. Prepare the adjusting entries at March 31, 2023. b. If the company had net profit of $7,500 before the above adjusting entries, determine the net profit after the adjustments
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