A partial adjusted trial balance of Joy Ltd at Jan 31, 2014, shows the following: Joy...
A partial adjusted trial balance of Joy Ltd at Jan 31, 2014, shows the following:
|
Joy Ltd. |
||
|
Adjusted Trial Balance |
||
|
31-Jan-14 |
||
|
Debit |
Credit |
|
|
Supplies |
600 |
|
|
Prepaid insurance |
2,400 |
|
|
Salaries and wages payable |
800 |
|
|
Unearned revenue |
1,000 |
|
|
Service revenue |
3,000 |
|
|
Supplies expense |
950 |
|
|
Insurance expense |
2,400 |
|
|
Salaries and wages expense |
1,800 |
|
Required:
Answer the following questions, assuming the company’s fiscal year beings January 1:
- If the amount in Supplies Expense is the January 31 adjusting entry, and $650 of supplies was purchased in January, what was the balance in Supplies on January 1?
- If the amount in Insurance Expense is the January 31 adjusting entry for one month of insurance expense, and the original insurance premium had been paid for one year of coverage, what was the total 12-month premium and when was the policy in effective?
- If $2,500 of salaries and wages was paid in January, what was the balance in Salaries and Wages Payable at December 31, 2013?
- If $1,600 was received in January for services performed in January, what was the balance in Unearned Revenue at December 31, 2013?
Homework Answers
Answer a.
Supplies, January 31 = Supplies, January 1 + Supplies Purchased
- Supplies Expense
$600 = Supplies, January 1 + $650 - $950
Supplies, January 1 = $900
Answer b.
Monthly Insurance Premium = Insurance Expense
Monthly Insurance Premium = $2,400
12-month Insurance Premium = 12 * Monthly Insurance
Premium
12-month Insurance Premium = 12 * $2,400
12-month Insurance Premium = $28,800
Insurance was purchase 11 months ago, which means that Insurance was purchased on March 1, 2013.
Answer c.
Salaries and Wages Payable, January 31 = Salaries and Wages
Payable, January 1 + Salaries and Wages Expense - Salaries and
Wages Paid
$800 = Salaries and Wages Payable, January 1 + $1,800 -
$2,500
Salaries and Wages Payable, January 1 = $1,500
Answer d.
Unearned Revenue, January 31 = Unearned Revenue, January 1 +
Cash Received for Service - Service Performed
$1,000 = Unearned Revenue, January 1 + $1,600 - $3,000
Unearned Revenue, January 1 = $2,400
Add Answer to:
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1. if the amount in supplies expense is the January 31 adjusting entry and $1100 of...
1. if the amount in supplies expense is the January 31
adjusting entry and $1100 of supplies was purchased in January.
what was the balance in supplies on January 1?
2. if the amount in insurance expense is the January
31 adjusting entry and the original insurance premium was for one
year, what was the total premuim and when was the policy purchased
?
3. if $3200 of salaries was paid in January, what was
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CALCULATOR MESSAGE MY INSTRUCTOR FULL SCREEN PRINTER VERSIO Exercise 3-11 (Video) A partial adjusted trial balance of Gehring Company at January 31, 2020, shows the following. Gehring Company Adjusted Trial Balance January 31, 2020 Credit Debit $ 850 2,400 Supplies Prepaid Insurance Salaries and Wages Payable Unearned Service Revenue Supplies Expense Insurance Expense Salaries and Wages Expense Service Revenue $ 800 750 950 400 2,900 2,000 Answer the following questions, assuming the year begins January 1, If the...
1. if the amount in supplies expense is the January 31
adjusting entry and $1100 of supplies was purchased in January.
what was the balance in supplies on January 1?
2. if the amount in insurance expense is the January
31 adjusting entry and the original insurance premium was for one
year, what was the total premuim and when was the policy purchased
?
3. if $3200 of salaries was paid in January, what was
the balance in salaries and...
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