|at January 31, 2020, shows the following. + Week 3 - Homework: Chapter 3 4 of 5 > -/ 5.6 Debit Credit Supplies $ 800 Prepaid Insurance 1,800 Salaries and Wages Payable $ 900 Unearned Service Revenue 850 Supplies Expense 800 Insurance Expense 300 Salaries and Wages Expense 3,200 Service Revenue 3,400 Answer the following questions, assuming the year begins January 1. (a) If the amount in Supplies Expense is the January 31 adjusting entry and $ 1,200 of supplies was purchased in January, what was the balance in Supplies on January 1? Supplies balance (b) 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 and when was the policy purchased? Total premium $ Purchase date (c) If $ 3,700 of salaries was paid in January, what was the balance in Salaries and Wages Payable at December 31, 2019? Salaries and wages payable 2$ !!

|at January 31, 2020, shows the following. + Week 3 - Homework: Chapter 3 4 of 5 > -/ 5.6 Debit Credit Supplies $ 800 Prepaid Insurance 1,800 Salaries and Wages Payable $ 900 Unearned Service Revenue 850 Supplies Expense 800 Insurance Expense 300 Salaries and Wages Expense 3,200 Service Revenue 3,400 Answer the following questions, assuming the year begins January 1. (a) If the amount in Supplies Expense is the January 31 adjusting entry and $ 1,200 of supplies was purchased in January, what was the balance in Supplies on January 1? Supplies balance (b) 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 and when was the policy purchased? Total premium $ Purchase date (c) If $ 3,700 of salaries was paid in January, what was the balance in Salaries and Wages Payable at December 31, 2019? Salaries and wages payable 2$ !!

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter8: Current And Contingent Liabilities

Section: Chapter Questions

Problem 74BPSB: Payroll Accounting McLaughlin Manufacturing has the following data available for its March 31, 2019,...

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