Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

E3.11 (LO 1, 2, 3, 4) A partial adjusted trial balance of Rooney Sports at January 31, 2020, shows the following. Analyze adjuste Rooney Sports

image text in transcribed
E3.11 (LO 1, 2, 3, 4) A partial adjusted trial balance of Rooney Sports at January 31, 2020, shows the following. Analyze adjuste Rooney Sports Adjusted Trial Balance January 31, 2020 Credit Debit 850 2,400 920 750 Supplies Prepaid Insurance Salaries and Wages Payable Unearned Service Revenue Supplies Expense Insurance Expense Salaries and Wages Expense Service Revenue 950 400 2,900 2.000 Instructions Answer the following questions, assuming the year begins January 1. a. If the amount in Supplies Expense is the January 31 adjusting entry and 1,000 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 one year, what was the total premium and when was the policy purchased? c. If 3,800 of salaries was paid in January, what was the balance in Salaries and Wages Payable at December 31, 2019

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_2

Step: 3

blur-text-image_3

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 Volume 2

Authors: Kermit Larson, Heidi Dieckmann

15th Canadian Edition

1259087360, 9781259087363

More Books

Students also viewed these Accounting questions