Selected T-account balances for Fields Company are shown below as of January 31, 2019; adjusting entries have already been posted. The firm uses a calendar-year accounting period but prepares monthly adjustments.
Supplies (A) | |||
---|---|---|---|
Jan.31 Bal | 800 |
Supplies Expense (E) | |||
---|---|---|---|
Jan.31 Bal | 960 |
Prepaid Insurance (A) | |||
---|---|---|---|
Jan.31 Bal | 574 |
Insurance Expense (E) | |||
---|---|---|---|
Jan.31 Bal | 82 |
Wages Payable (L) | |||
---|---|---|---|
500 | Jan.31 Bal |
Wages Expense (E) | |||
---|---|---|---|
Jan.31 Bal | 3,200 |
Truck (A) | |||
---|---|---|---|
Jan.31 Bal | 8,700 |
Accumulated Depreciation-Truck (XA) | |||
---|---|---|---|
2,610 | Jan.31 Bal |
(a) If the amount in Supplies Expense represents the January 31
adjustment for the supplies used in January, and $620 worth of
supplies were purchased during January, what was the January 1
beginning balance of Supplies?
(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?
What date did the insurance policy start?
(c) If we assume that no beginning balance existed in Wages Payable
or Wages Expense on January 1, how much cash was paid as wages
during January?
(d) If the truck has a useful life of five years, what is the
monthly amount of depreciation expense?
How many months has Fields owned the truck?
_______ months
(a)
Supplies Beginning Balance = $800+960-620 = $1140
(b)
Amount of Premium = $82 x 12 = $984
Balance Months left = $584/82 = 7 months
i.e. 5 months insurance have expired
So Date of Policy start = Sep 1
(c)
Cash Paid for wages expense = $3200-500 = $2700
(d)
Monthly Depreciation expense = $8700 / 60 = $145
No of months truck owned = $2610 / 145 = 18 months
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Selected T-account balances for Fields Company are shown below as of January 31, 2019; adjusting entries...
Financial Analysis Using Adjusted Account Data Selected T-account balances for Bloomfield Company are shown below as of January 31, which reflect its accounting adjustments. The firm uses a calendar-year accounting period, but prepares monthly accounting adjustments. Supplies Jan. 31 Bal. 900 216 Jan. 31 Bal. Supplies Expense Jan. 31 Bal. 960 216 Jan. 31 Bal. Prepaid Insurance Jan. 31 Bal. 574 216 Jan. 31 Bal. Insurance Expense Jan. 31 Bal. 82 16 Jan. 31 Bal. Wages Payable Jan. 31 Bal....
Financial Analysis Using Adjusted Account Data Selected T-account balances for Bloomfield Company are shown below as of January 31, which reflect its accounting adjustments. The firm uses a calendar-year accounting period, but prepares monthly accounting adjustments, Supplies Jan. 31 Bal. 2,700 Supplies Expense Jan. 31 Bal 2,880 Prepaid Insurance Jan. 31 Bal. 1.722 Insurance Expense Jan. 31 Bal. 245 Truck Wages Payable 2,100 Jan. 31 Bal. Wages Expense Jan. 31 Bal. 9,600 Jan. 31 Bal. 26,100 Accumulated Depreciation - Truck...
Financial Analysis Using Adjusted Account Data Selected T-account balances for Bloomfield Company are shown below as of January 31, which reflect its accounting adjustments. The firm uses a calendar-year accounting period, but prepares monthly accounting adjustments. Supplies Jan. 31 Bal 2,700 Supplies Expense Jan. 31 Bal. 2,880 Prepaid Insurance Jan. 31 Bal. 1,722 Insurance Expense Jan. 31 Bal. 246 Wages Payable 2,100 Jan. 31 Bal. Wages Expense Jan. 31 Bal. 9,600 Truck Jan. 31 Bal 21,456 Accumulated Depreciation - Truck...
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A partial adjusted trial balance of Swifty Company at January
31, 2020, shows the following.
SWIFTY COMPANY
ADJUSTED TRIAL BALANCE
JANUARY 31, 2020
Debit
Credit
Supplies
$820
Prepaid Insurance
3,120
Salaries and Wages Payable
$920
Unearned Service Revenue
870
Supplies Expense
950
Insurance Expense
520
Salaries and Wages Expense
1,920
Service Revenue
2,120
Answer the following questions, assuming the year begins January 1.
If the amount in Supplies Expense is the January 31 adjusting
entry, and $850 of supplies was...
A partial adjusted trial balance of Sheffield Corp. at January 31, 2019, shows the following. Sheffield Corp. Adjusted Trial Balance January 31, 2019 Debit $ 900 2,400 $ 800 850 Supplies Prepaid Insurance Salaries and Wages Payable Unearned Service Revenue Supplies Expense Insurance Expense Salaries and Wages Expense Service Revenue 900 400 3,000 2,000 Answer the following questions, assuming the year begins January 1. If the amount in Supplies Expense is the January 31 adjusting entry and $1,200 of supplies...
Exercise 3-07 A partial adjusted trial balance of Marigold Company at January 31, 2020, shows the following. Credit MARIGOLD COMPANY ADJUSTED TRIAL BALANCE JANUARY 31, 2020 Debit Supplies $830 Prepaid Insurance 3,180 Salaries and Wages Payable Unearned Service Revenue Supplies Expense 950 Insurance Expense 530 Salaries and Wages Expense 1,930 Service Revenue $930 880 2,130 Answer the following questions, assuming the year begins January 1. If the amount in Supplies Expense is the January 31 adjusting entry, and $850 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
the balance in salaries and...