Exercise 3-07A partial adjusted trial balance of Concord Company at January 31, 2020, shows the following.CONCORD COMPANYADJUSTED TRIAL BALANCEJANUARY 31, 2020DebitCreditSupplies$840Prepaid InsuranceSalaries and Wages Payable3,240$940Unearned Service Revenue890Supplies Expense950Insurance Expense540Salaries and Wages Expense1,940Service Revenue2,140Answer the following questions, assuming the year begins January 1.If the amount in Supplies Expense is the January 31 adjusting entry, and $850 of supplies was purchased in January, what was the balance in Supplies on January 1?Beginning balance of suppliesIf the amount in Insurance Expense is the January 31 adjusting entry, and the original insurance premium was for one year, what was the total premium?Total premium$ When was the policy purchased?The policy was purchased onIf $2,640 of salaries was paid in January, what was the balance in Salaries and Wages Payable at December 31, 2019?Beginning balance of salaries and wages payableIf $1,740 was received in January for services performed in January, what was the balance in Unearned Service Revenue at December 31, 2019? Assume that there are no accounts receivable.Beginning balance of unearned service revenueClick if you would like to Show Work for this question:Open Show Work

Beginning supplies = Ending supplies + Supplies used - Purchase of supplies

A partial adjusted trial balance of Concord Company at January 31, 2020, shows the following. CONCORD COMPANY ADJUSTED TRIAL BALANCE JANUARY 31, 2020 Debit Credit Supplies $840 Prepaid Insurance Salaries and Wages Payable Unearned Service Revenue Supplies Expense Insurance Expense Salaries and Wages Expense Service Revenue 3,240 $940 890 950 540 1,940 2,140 Answer the following questions, assuming the year begins January 1. f the amount in Supplies Expense is the January 31 adjusting entry, and $850 of supplies was purchased in January, what was the balance in Supplies on January 1? Beginning balance of supplies f the amount in Insurance Expense is the January 31 adjusting entry, and the original insurance premium was for one year, what was the total premium? otal premium

A partial adjusted trial balance of Concord Company at January 31, 2020, shows the following. CONCORD COMPANY ADJUSTED TRIAL BALANCE JANUARY 31, 2020 Debit Credit Supplies $840 Prepaid Insurance Salaries and Wages Payable Unearned Service Revenue Supplies Expense Insurance Expense Salaries and Wages Expense Service Revenue 3,240 $940 890 950 540 1,940 2,140 Answer the following questions, assuming the year begins January 1. f the amount in Supplies Expense is the January 31 adjusting entry, and $850 of supplies was purchased in January, what was the balance in Supplies on January 1? Beginning balance of supplies f the amount in Insurance Expense is the January 31 adjusting entry, and the original insurance premium was for one year, what was the total premium? otal premium

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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