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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
Question
Transcribed Image Text:Exercise 3-07
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
3,240
$940
Unearned Service Revenue
890
Supplies Expense
950
Insurance Expense
540
Salaries and Wages Expense
1,940
Service Revenue
2,140
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 purchased in January, what was the balance in Supplies on January 1?
Beginning balance of supplies
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 premium?
Total premium
$
Transcribed Image Text:When was the policy purchased?
The policy was purchased on
If $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 payable
If $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 revenue
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