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Question 5 Not yet answered Marked out of 5 . 5 6 Flag question Analysis of Adjusted Data Selected T - account balances for Parris
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Analysis of Adjusted Data Selected Taccount balances for Parris Company are shown below as of January ; adjusting entries have already been posted. The firm uses a calendaryear accounting period and makes monthly adjustments.
tableSuppliesBal
tablePrepaid InsuranceBal
tableInsurance ExpenseBal
tableWages PayableBal
tableWages ExpenseBal
tableTruckBal
tableAccumulated Depreciation Truck,Bal
a If the amount in Supplies Expense represents the January adjustment for the supplies used in January, and $ worth of supplies were purchased during January, what was the January balance of Supplies?
$
b The amount in the Insurance Expense account represents the adjustment made at January 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?
Total premium
Policy start date
c If we assume that no balance existed in Wages Payable or Wages Expense on January 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 Parris owned the truck?
monthly depreciation
months owned the truck
Please answer all parts of the question.
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