Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need help answering A-D E #3 A partial adjusted trial balance of Rock Company at January 31, 2011, shows the following. ROCK COMPANY Adjusted

I need help answering A-Dimage text in transcribed

E #3 A partial adjusted trial balance of Rock Company at January 31, 2011, shows the following. ROCK COMPANY Adjusted Trial Balance January 31, 2011 Debit Credit 850 Supplies Prepaid Insurance 2,500 800 Salaries Payable 750 Unearned Revenue 950 Supplies Expense Expense 500 Insurance 1,700 Salaries Expense 2,000 Service Revenue 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 $1,500 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 $3,500 of salaries was paid in January, what was the balance in Salaries Payable at December 31, 2010? (d) If $1,650 was received in January for services performed in January, what was the balance in Unearned Revenue at December 31, 2010

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

The New Yellow Book Government Auditing Standards

Authors: Rebecca A. Meyer

1st Edition

1119784638, 978-1119784630

More Books

Students also viewed these Accounting questions

Question

Comment should this MNE have a global LGBT policy? Why/ why not?

Answered: 1 week ago