Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Additional Question 4 (E 3.11) This is a partial adjusted trial balance of Martin Pty Ltd. MARTIN PTY LTD (Extract from) Adjusted Trial Balance as

image text in transcribed
Additional Question 4 (E 3.11) This is a partial adjusted trial balance of Martin Pty Ltd. MARTIN PTY LTD (Extract from) Adjusted Trial Balance as at 31 March 201 & Accountname 110 Supplies 112 Prepaid Insurance 212 Salaries Payable 213 Service Revenue Received in Advance 400 Service Revenue 500 Salaries Expense 505 Supplies Expense 515 Insurance Expense Required: Answer these questions, assuming the year begins on 1 March. Debit S 70 O 2 400 1 800 950 400 Credit (a) Ifthe amount in Supplies Expense is the 31 March adjusting entry, and $850 of supplies was purchased in March, what was the balance in Supplies on 1 March? (b) Ifthe amount in Insurance Expense is the March adjusting entry, and the original insurance premium was for 1 year, what was the total premium and when was the policy purchased? (c) If $2500 of salaries was paid in March, what was the balance in Salaries Payable at 1 March 2017? (d) There were no additional amounts of revenue received in advance during March. An amount of 51600 was received in March for services performed in March. What was the amount of Service Revenue Received in Advance at 1 March 2017? (Hint: Reconstruct the T accounts to help answer these questions.)

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

Fundamental Accounting Principles

Authors: John Wild, Ken Shaw, Barbara Chiappetta

19th Edition

0077303202, 9780077303204

More Books

Students also viewed these Accounting questions