Pizza Express Inc. began the Year 2 accounting period with $2,500 cash, $1,400 of common stock, and $1,100 of retained earnings. Pizza Express was affected by the following accounting events during Year 2:
a. Purchased $3,600 of supplies on account.
b. Earned and collected $12,300 of cash revenue.
c. Paid $2,700 cash on accounts payable.
d. Adjusted the records to reflect the use of supplies. A physical count indicated that $250 of supplies was still on hand on December 31, Year 2.
Required:
Show the effects of the events on the financial statements.
Answers: 2
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Pizza Express Inc. began the Year 2 accounting period with $2,500 cash, $1,400 of common stock, and...
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