Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A partial adjusted trial balance of Pharoah Company at January 31, 2022, shows the following. PHAROAH COMPANY Adjusted Trial Balance January 31, 2022 Debit

image text in transcribed

A partial adjusted trial balance of Pharoah Company at January 31, 2022, shows the following. PHAROAH COMPANY Adjusted Trial Balance January 31, 2022 Debit Credit Supplies $900 Prepaid Insurance 2,400 Salaries and Wages Payable $900 Unearned Service Revenue 750 Supplies Expense 800 Insurance Expense 400 Salaries and Wages Expense 3,200 Service Revenue 2,300 Answer the following questions, assuming the year begins January 1. (a) If the amount in Supplies Expense is the January 31 adjusting entry and $1,000 of supplies was purchased in January, what was the balance in Supplies on January 1? Supplies balance $ (b) If the amount in Insurance Expense is the January 31 adjusting entry and the original insurance premium was for 1 year, what was the total premium and when was the policy purchased? Total premium $ Purchase date (c) If $3,300 of salaries owed were paid in January, what was the balance in Salaries and Wages Payable at December 31, 2021? Salaries and wages payable $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting in an Economic Context

Authors: Jamie Pratt

8th Edition

9781118139424, 9781118139431, 470635290, 1118139429, 1118139437, 978-0470635292

More Books

Students also viewed these Accounting questions

Question

How can encapsulation enhance coding structures?

Answered: 1 week ago

Question

3-1. Give an example of hierarchical planning in an organization.

Answered: 1 week ago