sweet treats
Feb 2, 2015, 09:57 AM
E3-11 - Analyze adjusted data.
A partial adjusted trial balance of Gehring Company at January 31, 2014, shows the following.
GEHRING COMPANY
Adjusted Trial Balance
January 31, 2014
Debit Credit
Supplies $850
Prepaid Insurance $2,400
Salaries and Wages Payable $800
Unearned Service Revenue $750
Supplies Expense $950
Insurance Expense $400
Salaries and Wages Expense $2,900
Service Revenue $2,000
Instructions:
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?
(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?
(c) If $3,500 of salaries was paid in January, what was the balance in Salaries and Wages Payable at December 31, 2013?
A partial adjusted trial balance of Gehring Company at January 31, 2014, shows the following.
GEHRING COMPANY
Adjusted Trial Balance
January 31, 2014
Debit Credit
Supplies $850
Prepaid Insurance $2,400
Salaries and Wages Payable $800
Unearned Service Revenue $750
Supplies Expense $950
Insurance Expense $400
Salaries and Wages Expense $2,900
Service Revenue $2,000
Instructions:
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?
(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?
(c) If $3,500 of salaries was paid in January, what was the balance in Salaries and Wages Payable at December 31, 2013?