Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please answer 47-50 47. Your company accrued $20,000 of salary expense at the end of Year 1, then paid $30,000 of salaries early in Year

please answer 47-50
image text in transcribed
47. Your company accrued $20,000 of salary expense at the end of Year 1, then paid $30,000 of salaries early in Year 2. How much salary expense applies to Years 1 and 2, respectively? a. $30,000 and $0 b. $0 and $30,000 c. $10,000 and $20,000 d. $20,000 and $10,000 Use the following information to answer Questions 48-50: Adjusted Trial Balance Adjustments Dr Cr Dr Unadjusted Trial Balance Dr I cr 40,000 2,000 800 6.000 Accounts Receivable Allowance for Doubtful Accounts Supplies on Hand Utilities Payable Notes Payable Bad Debt Expense Supplies Expense Utilities Expense 10.000 800 2,300 8,000 1,000 48. If the partial adjustment shown for Utilities Expense is correct, what would be the adjusted trial balance amount for Utilities Payable? a. $1,000 debit b. $4,000 credit c. $6,000 debit d. $7,000 credit 49. If the adjustment shown for Supplies Expense is correct, what is the ad justed trial balance amount for Supplies on Hand? c. $2,400 d. $0 a. $800 b. $1,600 50. If the company estimates that it will not be able to collect 3% of accounts receivable, the debit to Bad Debt Expense in the adjustments column is ... a. $3,200. b. $2,000. c. $1,200. d. $0

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

Cash, Corruption And Economic Development

Authors: Vikram Vashisht

1st Edition

1032096888, 9781032096889

More Books

Students also viewed these Accounting questions

Question

What specific actions did he take to make his company efficient?

Answered: 1 week ago

Question

Learning is a good thing for everyone. Discuss.

Answered: 1 week ago

Question

What should be the role of managers in HRD?

Answered: 1 week ago

Question

What should be the role of government in HRD?

Answered: 1 week ago