Question
The Office Supplies account started the year with a $5,000 balance. During 2023, the company purchased supplies at a cost of $25,000, which was added
The Office Supplies account started the year with a $5,000 balance. During 2023, the company purchased supplies at a cost of $25,000, which was added to the Office Supplies account. The inventory of supplies on hand at November 30 had a cost of $6,500. An analysis of the companys insurance policies provided these facts: Policy Date of Purchase Years of Coverage Total Cost 1 March 1, 2022 2 $ 6,240 2 March 1, 2023 3 23,040 3 July 1, 2023 1 4,020 The total premium for each policy was paid in full at the purchase date, and the Prepaid Insurance account was debited for the full cost. Appropriate adjusting entries have been made to November 30, 2022. The company has 15 employees who earn a total of $5,000 in salaries for every working day. They are paid each Wednesday for their work in the five-day workweek ending on the preceding Friday. All 15 employees worked November 27 to December 1 inclusive. They will be paid salaries for five full days on Wednesday, December 6, 2023. The company purcha
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