a. The Supplies account had a balance of $1,200 at the beginning of the month and $1,600

Question:

a. The Supplies account had a balance of $1,200 at the beginning of the month and $1,600 at the end of the month. The cost of supplies purchased during the month was $3,900. Calculate the cost of supplies used during the month.

b. Wages Payable had a balance of $5,800 at the end of the month. During the month, $28,000 of wages were paid to employees. Wages expense accrued during the month totaled $29,500. Calculate Wages Payable at the beginning of the month.


Required:

Solve for the missing amounts using a T-account for the balance sheet accounts in each situation. Assume that there is only one debit entry and one credit entry in the account during the month.


Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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Accounting What the Numbers Mean

ISBN: 978-0078025297

10th edition

Authors: David H. Marshall, Wayne W. McManus, Daniel F. Viele

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