Answer these questions, assuming the year begins on 1 July:If the amount in supplies expense is the 31 July adjusting entry, and $1320 of supplies was purchased in July, what was the balance in supplies on 1 July?If the amount in insurance expense is the July adjusting entry, and the original insurance premium was for 1 year, what was the total premium and when was the policy purchased?If $7500 of salaries was paid in July, what was the balance in salaries payable at 30 June 2019?There were no additional amounts of revenue received in advance during July. An amount of $2400 was received for services performed in July. What was the amount of service revenue received in advance at 1 July 2019/30 June 2019?(Hint: Reconstruct the T accounts to help answer these questions.) This is a partial adjusted trial balance of Darcy Designs Pty Ltd.DARCY DESIGNS PTY LTDAdjusted trial balance (partial)as at 31 July 2019No.Account nameDebitCredit110Supplies$1 500112Prepaid insurance2 400212Salaries payable$1 500213Service revenue received in advance1 125400Service revenue3 000500Salaries expense7 300505Supplies expense1 220515Insurance expense800

DARCY DESIGNS PTY LTDAdjusted trial balance (partial)as at 31 July 2019 No. Account name…

Answered: Answer these questions, assuming the…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Question

Answer these questions, assuming the year begins on 1 July:

If the amount in supplies expense is the 31 July adjusting entry, and $1320 of supplies was purchased in July, what was the balance in supplies on 1 July?
If the amount in insurance expense is the July adjusting entry, and the original insurance premium was for 1 year, what was the total premium and when was the policy purchased?
If $7500 of salaries was paid in July, what was the balance in salaries payable at 30 June 2019?
There were no additional amounts of revenue received in advance during July. An amount of $2400 was received for services performed in July. What was the amount of service revenue received in advance at 1 July 2019/30 June 2019?

(Hint: Reconstruct the T accounts to help answer these questions.)

This is a partial adjusted trial balance of Darcy Designs Pty Ltd.
DARCY DESIGNS PTY LTD
Adjusted trial balance (partial)
as at 31 July 2019
No.
Account name
Debit
Credit
110
Supplies
$1 500
112
Prepaid insurance
2 400
212
Salaries payable
$1 500
213
Service revenue received in advance
1 125
400
Service revenue
3 000
500
Salaries expense
7 300
505
Supplies expense
1 220
515
Insurance expense
800

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions