Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

WILDHORSE CO . Adjusted Trial Balance January 3 1 , 2 0 2 5 Debit Credit Supplies $ 8 9 0 Prepaid Insurance 1 ,

WILDHORSE CO.
Adjusted Trial Balance
January 31,2025
Debit
Credit
Supplies
$890
Prepaid Insurance
1,200
Salaries and Wages Payable
$1,690
Unearned Service Revenue
700
Supplies Expense
870
Insurance Expense
400
Salaries and Wages Expense
1,850
Service Revenue
2,060
Answer these questions, assuming the year begins January 1.
(a)
If the amount in Supplies Expense is the January 31 adjusting entry and $350 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 d
(c)
If $2,010 of salaries was paid in January, what was the balance in Salaries and Wages Payable at December 31,2024?
Balance in Salaries and Wages Payable at December 31,2024 $
(d)
If $1,800 was received in January for services performed in January, what was the balance in Unearned Service Revenue at December 31,2024?
Balance in Unearned Service Revenue at December 31,2024 $

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

Fundamentals Of Cost Accounting

Authors: T.R.Sikka

7th Edition

8130918706, 978-8130918709

More Books

Students also viewed these Accounting questions

Question

What is cost-volume-profit analysis? How can it be used by a firm?

Answered: 1 week ago

Question

Discuss global cultural differences in GLOBE dimensions.

Answered: 1 week ago

Question

LO1 Discuss the objectives of human resource management.

Answered: 1 week ago