Question
Darcy Designs Pty Ltd Adjusted trial balance (partial) as at 31 July 2016 No.Account nameDebitCredit 110Supplies$1,460112Prepaid Insurance2,190212Salaries Payable$1,420213Service Revenue Received in Advance1,080400Service Revenue2,760500Salaries Expense7,960505Supplies Expense1,130515Insurance
Darcy Designs Pty Ltd
Adjusted trial balance (partial)
as at 31 July 2016
No.Account nameDebitCredit110Supplies$1,460112Prepaid Insurance2,190212Salaries Payable$1,420213Service Revenue Received in Advance1,080400Service Revenue2,760500Salaries Expense7,960505Supplies Expense1,130515Insurance Expense730
Answer the following questions, assuming the year begins on 1 July.(Hint: Reconstruct the T accounts to help answer these questions.)
(a)
Your answer is incorrect.Try again.
If the amount in supplies expense is the 31 July adjusting entry, and $1,310of supplies was purchased in July, what was the balance in supplies on 1 July?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Advanced Financial Accounting
Authors: Theodore E. Christensen, David M. Cottrell, Cassy Budd
13th International Edition
1265042616, 9781265042615
