Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Current Attempt in Progress This is a partial adjusted trial balance of Pharoah Company. PHAROAH COMPANY Adjusted Trial Balance January 31, 2022 Credit Debit $800

image text in transcribed
image text in transcribed
Current Attempt in Progress This is a partial adjusted trial balance of Pharoah Company. PHAROAH COMPANY Adjusted Trial Balance January 31, 2022 Credit Debit $800 1.650 $1.420 860 A Supplies Prepaid Insurance Salaries and Wages Payable Unearned Service Revenue Supplies Expense Insurance Expense Salaries and Wages Expense Service Revenue 850 550 1.920 2,490 Answer these questions, assuming the year begins January 1. If the amount in Supplies Expense is the January 31 adjusting entry and $320 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? (c) If $2,380 of salaries was paid in January, what was the balance in Salaries and Wages Payable at December 31, 2021? Balance in Salaries and Wages Payable at December 31, 2021 $ (a) $1,800 was received in January for services performed in January, what was the balance in Uneamed Service Revenue at December 31, 2021? Balance in Unearned Service Revenue at December 31, 2021 $

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

Accounting

Authors: Carl S. Warren, Philip E. Fess, James M. Reeve, C.Rollin Niswonger, Jim Reeve

18th Edition

0538839333, 978-0538839334

More Books

Students also viewed these Accounting questions

Question

1. Speak privately if possible; dont threaten.

Answered: 1 week ago