MASTERY PROBLEM John Neff owns and operates Waikiki Surf Shop. A year-end trial balance is provided

on page 563. Year-end adjustment data for the Waikiki Surf Shop are shown below.

(a and b) A physical count shows merchandise inventory costing $45,000 on hand

as of December 31, 20-- Neff uses the periodic inventory system.

(c) Supplies remaining at the end of the year, $600.

(d) Unexpired insurance on December 31, $900.

(e) Depreciation expense on the building for 20--, $6,000.

(f) Depreciation expense on the store equipment for 20--, $4,500.

(g) Wages earned but not paid as of December 31, $675.

(h) Unearned boat rental revenue as of December 31, $3,000.

REQUIRED

1. Prepare a year-end work sheet.

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Transactions that affect earnings do not necessarily affect cash. identify the effect, if any, that each of the following transactions would have upon cash and net income. the first transaction has been completed as an example. (if an amount reduces the account balance then enter with negative sign preceding the number e.g. -15,000 or parentheses e.g. (15, cash net income (a) purchased $120 of supplies for cash. –$120 $0 (b) recorded an adjustment to record use of $35 of the above supplies. (c) made sales of $1,370, all on account. (d) received $700 from customers in payment of their accounts. (e) purchased equipment for cash, $2,450. (f) recorded depreciation of building for period used, $740. click if you would like to show work for this question: open show work