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A partial adjusted trial balance of Pharoah Company at January 31, 2022, shows the following PHAROAH COMPANY Adjusted Trial Balance January 31, 2022 Supplies Prepaid Insurance Salaries and Wages Payable Unearned Service Revenue Suppiles Expense Insurance Expense Salaries and Wages Expense Service Revenue Supplies balance Debit $900 2,400 Total premium $ 800 400 3,200 Purchase date Credit $900 Answer the following questions, assuming the year begins January 1. (a) If the amount in Supplies Expense is the January 31 adjusting entry and $1,000 of supplies was purchased in January, what was the balance in Supplies on January 1? 750 2,300 (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? (d) If $3,300 of salaries owed were paid in January, what was the balance in Salaries and Wages Payable at December 31, 2021? Salaries and wages payable

A partial adjusted trial balance of Pharoah Company at January 31, 2022, shows the following PHAROAH COMPANY Adjusted Trial Balance January 31, 2022 Supplies Prepaid Insurance Salaries and Wages Payable Unearned Service Revenue Suppiles Expense Insurance Expense Salaries and Wages Expense Service Revenue Supplies balance Debit $900 2,400 Total premium $ 800 400 3,200 Purchase date Credit $900 Answer the following questions, assuming the year begins January 1. (a) If the amount in Supplies Expense is the January 31 adjusting entry and $1,000 of supplies was purchased in January, what was the balance in Supplies on January 1? 750 2,300 (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? (d) If $3,300 of salaries owed were paid in January, what was the balance in Salaries and Wages Payable at December 31, 2021? Salaries and wages payable

FINANCIAL ACCOUNTING
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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A partial adjusted trial balance of Pharoah Company at January 31, 2022, shows the following. PHAROAH COMPANY Adjusted Trial Balance January 31, 2022 Debit Supplies Prepaid Insurance Salaries and Wages Payable Unearned Service Revenue Supplies Expense Insurance Expense Salaries and Wages Expense Service Revenue Total premium $900 2,400 Purchase date 800 400 3,200 Salaries and wages payable Credit Answer the following questions, assuming the year begins January 1. (a) If the amount in Supplies Expense is the January 31 adjusting entry and $1,000 of supplies was purchased in January, what was the balance in Supplies on January 1? Supplies balance $ $900 (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? 750 $ 2,300 20 5 (c) If $3,300 of salaries owed were paid in January, what was the balance in Salaries and Wages Payable at December 31, 2021? 2
Transcribed Image Text:A partial adjusted trial balance of Pharoah Company at January 31, 2022, shows the following. PHAROAH COMPANY Adjusted Trial Balance January 31, 2022 Debit Supplies Prepaid Insurance Salaries and Wages Payable Unearned Service Revenue Supplies Expense Insurance Expense Salaries and Wages Expense Service Revenue Total premium $900 2,400 Purchase date 800 400 3,200 Salaries and wages payable Credit Answer the following questions, assuming the year begins January 1. (a) If the amount in Supplies Expense is the January 31 adjusting entry and $1,000 of supplies was purchased in January, what was the balance in Supplies on January 1? Supplies balance $ $900 (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? 750 $ 2,300 20 5 (c) If $3,300 of salaries owed were paid in January, what was the balance in Salaries and Wages Payable at December 31, 2021? 2
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