Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Exercise 3-07 A partial adjusted trial balance of Coronado Company at January 31, 2020, shows the following. CORONADO COMPANY ADJUSTED TRIAL BALANCE JANUARY 31, 2020

image text in transcribed

Exercise 3-07 A partial adjusted trial balance of Coronado Company at January 31, 2020, shows the following. CORONADO COMPANY ADJUSTED TRIAL BALANCE JANUARY 31, 2020 Debit Credit Supplies $910 Prepaid Insurance 3,660 Salaries and Wages Payable $1,010 Unearned Service Revenue 960 Supplies Expense 950 Insurance Expense 610 Salaries and Wages Expense 2,010 Service Revenue 2,210 Answer the following questions, assuming the year begins January 1. 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? Beginning balance of supplies 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? Total premium s When was the policy purchased? The policy was purchased on If $2,710 of salaries was paid in January, what was the balance in Salaries and Wages Payable at December 31, 2019? Beginning balance of salaries and wages payable s If $1,810 was received in January for services performed in January, what was the balance in Unearned Service Revenue at December 31, 2019? Assume that there are no accounts receivable. Beginning balance of unearned service revenue $ Click you would like to Show Work for this question: Open Show Work

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

Leading The Digital Workforce Internal Audit And IT Audit

Authors: Jeffrey W. Brown

1st Edition

1032323736, 978-1032323732

More Books

Students also viewed these Accounting questions