127.Patterson Company was founded in 2013 and engaged in the following transactions:1. issued common stock for cash2. purchased supplies on account3. collected cash from a customer for services to be...

127.Patterson Company was founded in 2013 and engaged in the following transactions:


1. issued common stock for cash
2. purchased supplies on account
3. collected cash from a customer for services to be provided over a period of 1 year
4. paid a cash dividend to stockholders
5. purchased a 2-year fire insurance policy
6. provided services to customers on account
7. collected cash from accounts receivable
8. paid cash for various operating expenses
9. paid rent in advance for 3 months at a time


Required:


a) Which of the above transactions would require adjusting entries at year end?
b) Why are adjusting entries required before financial statements can be prepared.

128.Jerry Mathers started his business by issuing $4,000 of common stock on January 1, 2013. Jerry performed $8,500 of service on account in 2013, and he collected $6,200 of this amount by year end. He paid operating expenses of $6,900 and paid a $900 dividend to the stockholders.


Required:


a) What is the amount of total assets at the end of 2013?
b) What is the amount of cash on hand at the end of 2013?
c) What is net income for 2013?
d) Prepare a balance sheet for 2013.