The current year and prior-year balance sheet of NCA show the following account balance: current year...

The current year and prior-year balance sheet of NCA show the following account balance:

	current year	prior year
Supplies	$4000	$6500
Unearned Revenue	$8400	$8000

During the current year, NCA $13300 of supplies expense and received $8700 of cash for services to be performed later.

Required: Using the ledger accounts, determine NCA's supplies expense and service revenue for the current year.

Expert Solution

Ans: Supplies account is a real account and has debit balance in nature that is shown in balance sheet and its balance gets increased or decreased upon purchase or consumption. It gets Debited upon purchase and credited upon use that can be seen from following:

	Supplies
	Dr	Cr
Op Bal Current	6500	15800	Supplies expense
Purchase	13300	4000	Cl Bal Brought Forward
Total	19800	19800
Cl Bal Current	4000

Supplies expense is a balancing figure (6500+13300-4000 = 15800)

Unearned Revenue is a real account and has credit balance in nature that is shown in balance sheet and its balance gets increased or decreased upon cash received as advance from customers or Services performed. It gets Credited upon advance received and debited upon Services performed for which advance received that can be seen from following:

	Supplies
	Dr	Cr
Service Revenue	8300	8000	Op Bal Current
Cl Bal Brought Forward	8400	8700	Cash received advance
Total	16700	16700
		8400	Cl Bal Current

Service revenue is a balancing figure (8000+8700-8400 = 8300)

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