please answer both questions. will rate! Smiles Entertainment had...
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Accounting
please answer both questions. will rate!
Smiles Entertainment had the following accounts and balances at December 31: Account Debit Credit Cash $ 10,000 Accounts Receivable 2.000 2,400 Prepaid Insurance Supplies 1,000 Accounts Payable $ 5.000 Common Stock 4,000 900 Retained Earnings Service Revenue 7,000 Salaries Expense 500 Utilities Expense 1.000 Totals $ 16,900 $ 16,900 2,000 2.400 Accounts Receivable Prepaid Insurance Supplies Accounts Payable Common Stock 1,000 $ 5.000 4,000 900 7,000 Retained Earnings Service Revenue Salaries Expense Utilities Expense 500 1,000 Totals $ 16,900 $ 16,900 Using the information in the table, calculate the company's reported net income for the period. $8.500 $10,400 O $5.500 O $1,100. O $4.000. Paul's Landscaping paid $500 on account for supplies purchased in the prior month. Which of the following general journal entries will Paul's Landscaping make to record this transaction? O Debit Office supplies, $500; credit Accounts payable, $500. Debit Accounts payable, $500; credit Cash, $500. Debit Office supplies expense, $500; credit Cash, $500. Debit Cash, $500; credit Office supplies, $500. Debit Office supplies, $500; credit Cash, $500
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