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The firm uses a calendar-year accounting period and makes monthly adjustments. Adjusted Balances as of January 31 Supplies $2,400 Supplies expense 2,880 Prepaid insurance 1,722
The firm uses a calendar-year accounting period and makes monthly adjustments. Adjusted Balances as of January 31 Supplies $2,400 Supplies expense 2,880 Prepaid insurance 1,722 Insurance expense 246 Wages payable 1,500 Wages expense 9,600 Truck 26,100 Accumulated depreciation 7,830 a. If the amount in Supplies Expense represents the January 31 adjustment for the supplies used in January, and $1,860 worth of supplies were purchased during January, what was the January 1 balance of Supplies? $ 0 x 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? $ 0 * On what date did the insurance policy start? September 1+ c. 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? $ 0 x d. If the truck has a useful life of five years, what is the monthly amount of depreciation expense? $ 0 x How many months has Coyle owned the truck? 0 x months Check
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