Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Debit CreditSupplies 7 0 0 Prepaid Insurance 2 , 4 0 0 Salaries and Wages Payable 8 0 0 Unearned Service Revenue 7 5 0

Debit
CreditSupplies
700Prepaid Insurance
2,400Salaries and Wages Payable
800Unearned Service Revenue
750Supplies Expense
950Insurance Expense
400Salaries and Wages Expense1,800Service Revenue
2,000Answer the following questions , assuming the year
beginning January 1(Please prove an explanation)(a) 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?(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.(c)If $2,500 of salaries was paid in January, what was the
balance in Salaries Payable at December 31,2009?(d)If $1,800 was received in January for services
performed in January, what was the balance in Unearned Service
Revenue at December 31,2009?

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

Frank Woods Business Accounting An Introduction To Financial Accounting

Authors: Alan Sangster, Lewis Gordon, Frank Wood

15th Edition

1292365439, 9781292365435

More Books

Students also viewed these Accounting questions

Question

Define evaluation and explain its role in HRD

Answered: 1 week ago

Question

Develop expertise as a facilitator of a training topic or module

Answered: 1 week ago