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?
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Financial And Managerial Accounting
Authors: Charles T Horngren, Jr Walter T Harrison
2nd Edition
0135080193, 9780135080191
