Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

This is a partial adjusted trial balance of Ivanhoe Company. Answer these questions, assuming the year begins January 1. (a) If the amount in Supplies

image text in transcribed This is a partial adjusted trial balance of Ivanhoe Company. Answer these questions, assuming the year begins January 1. (a) If the amount in Supplies Expense is the January 31 adjusting entry and $360 of supplies was purchased in January, what was the balance in Supplies on January 1 ? Supplies balance (b) If the amount in Insurance Expense is the January 31 adjusting entry and the original insurance premium was for 1 year, what was the total premium and when was the policy purchased? Total premium for 1 year $ Purchase date (c) If $2,620 of salaries was paid in January, what was the balance in Salaries and Wages Payable at December 31, 2021? Balance in Salaries and Wages Payable at December 31, 2021 $ (d) If $1,800 was received in January for services performed in January, what was the balance in Unearned Service Revenue at December 31,2021 ? This is a partial adjusted trial balance of Ivanhoe Company. Answer these questions, assuming the year begins January 1. (a) If the amount in Supplies Expense is the January 31 adjusting entry and $360 of supplies was purchased in January, what was the balance in Supplies on January 1 ? Supplies balance (b) If the amount in Insurance Expense is the January 31 adjusting entry and the original insurance premium was for 1 year, what was the total premium and when was the policy purchased? Total premium for 1 year $ Purchase date (c) If $2,620 of salaries was paid in January, what was the balance in Salaries and Wages Payable at December 31, 2021? Balance in Salaries and Wages Payable at December 31, 2021 $ (d) If $1,800 was received in January for services performed in January, what was the balance in Unearned Service Revenue at December 31,2021

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

Cost Accounting A Managerial Emphasis

Authors: Charles T Horngren

6th Edition

0131795082, 978-0131795082

More Books

Students also viewed these Accounting questions