Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A partial adjusted trial balance of Sunland Company at January 31, 2020, shows the following. SUNLAND COMPANY ADJUSTED TRIAL BALANCE JANUARY 31, 2020 Debit Credit

image text in transcribedimage text in transcribed

A partial adjusted trial balance of Sunland Company at January 31, 2020, shows the following. SUNLAND COMPANY ADJUSTED TRIAL BALANCE JANUARY 31, 2020 Debit Credit Supplies $920 Prepaid Insurance 3,720 Salaries and Wages Payable $1,020 Unearned Service Revenue 970 Supplies Expense 950 Insurance Expense 620 Salaries and Wages Expense 2,020 Service Revenue 2,220 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 $ 70 e Textbook and Media X Your answer is incorrect. If the amount in Insurance Expense is the January 31 adjusting entry, and the original insurance premium was for one year, what was the total premium? Total premium $ When was the policy purchased? The policy was purchased on July 1, 2019 e Textbook and Media X Your answer is incorrect. If $2,720 of salaries was paid in January, what was the balance in Salaries and Wages Payable at December 31, 2019? Beginning balance of salaries and wages payable $ 1700

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

Auditing Mantras Forensic Accounting Important Standards On Auditing

Authors: Buffy Mielcarek

1st Edition

B09PP4SKL1, 979-8796281437

More Books

Students also viewed these Accounting questions