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Part 2. Here are some selected T-account balances for Dixon Inc. ALL on January 31. Dixon prepares monthly adjusting entries, even though it has a
Part 2. Here are some selected T-account balances for Dixon Inc. ALL on January 31. Dixon prepares monthly adjusting entries, even though it has a calendar yearend. These ending balances are after adjusting entries were posted but before closing entries were written and posted. a. If Dixon bought $620 of supplies during January, what was the beginning balance in Supplies? b. If the original insurance premium recorded in Prepaid Insurance was for one year, what was the amount of the premium and on what date did the policy start? c. If there were no beginning balance in Wages payable, how much cash did Dixon pay on wages in January? d. When purchased, the truck was expected to have a five-year useful life. What is the monthly depreciation expense on the truck and when did Dixon buy it
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