Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

LO3, 4 woman ( .Jan. 31 $17,000. $308,500, and revenues totaled $347,400. Prepa as of year-end directly to Retained Earnings. After these entries are posted,

image text in transcribed

LO3, 4 woman ( .Jan. 31 $17,000. $308,500, and revenues totaled $347,400. Prepa as of year-end directly to Retained Earnings. After these entries are posted, what is the balance in the Retained Earnings account? E3-9A. Analysis of Adjusted Data Selected T-account balances for Coyle Company are shown below as of January 31; adjusting entries have already been posted. The firm uses a calendar-year accounting period and makes monthly adjustments. Supplies Expense Supplies Bal. 960 Jan. 31 Jan. 31 Bal. 800 Insurance Expense Prepaid Insurance Jan. 31... Bal. 492 Jan. 31 Bal. 82 Wages Payable Wages Expense Bal. 650 Jan. 31 ....Bal. 3,300 Truck Accumulated Depreciation-Truck Jan. 31... Bal. 8,700 Bal. 2,610.... Jan. 31 If the amount in Supplies Expense represents the January 31 adjustment for the supplies used in January, and $825 worth of supplies were purchased during January, what was the January 1 bal- ance of Supplies? b. The amount in the Insurance Expense account represents the adjustment made at January 31 for January insurance expense. If the original insurance premium was for one year, what was the amount of the premium and on what date did the insurance policy start? If we assume that no balance existed in Wages Payable or Wages Expense on January 1, how much cash was paid as wages during January? d. If the truck has a useful life of five years, what is the monthly amount of depreciation expense and how many months has Coyle owned the truck? a. C. LO3.4 F3-10A. Analysis of the Impact of Adjustments on Financial Statements At the end of the first month of

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions