Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A partial adjusted trial balance of Safin Company at January 31, 2012, shows the following. SAFIN COMPANY ADJUSTED TRIAL BALANCE JANUARY 31, 2012 Debit Credit

A partial adjusted trial balance of Safin Company at January 31, 2012, shows the following. SAFIN COMPANY ADJUSTED TRIAL BALANCE JANUARY 31, 2012 Debit Credit Supplies $1,030 (debit) Prepaid Insurance 3,180 (debit) Salaries and Wages Payable $930 (credit) Unearned Revenue 880 (credit) Supplies Expense 950 (debit) Insurance Expense 530 (debit) Salaries and Wages Expense 1,930 (debit) Service Revenue 2,130 (credit). Answer the following questions, assuming the year begins January 1. If the amount in Supplies Expense is the January 31 adjusting entry, and $850 of supplies was purchased in January, what was the balance in Supplies on January 1? Beginning balance of supplies $__________ If $2,830 of salaries and wages was paid in January, what was the balance in Salaries and Wages Payable at December 31, 2011? Beginning balance of salaries and wages payable $_________ If $1,730 was received in January for services performed in January, what was the balance in Unearned Service Revenue at December 31, 2011? Beginning unearned service revenue December 31, 2011 $__________ Sorry, my chart got messed up. The debits and credits are indicated next to the amounts. Someone attempted to answer this question for me, but they used all different numbers and I could not follow along

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

Management Accounting And Strategic Human Resource Management

Authors: John Innes, Reza Kouhy

1st Edition

1859714862, 978-1859714867

More Books

Students also viewed these Accounting questions