A partial adjusted trial balance of Frangesch Company at January 31, 2022, shows the following. Instructions Answer
Question:
A partial adjusted trial balance of Frangesch Company at January 31, 2022, shows the following.
InstructionsAnswer 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 $3,800 of salaries was paid in January, what was the balance in Salaries and Wages Payable at December 31, 2021?
Frangesch Company Adjusted Trial Balance (partial) January 31, 2022 Debit Credit $ 850 Supplies Prepaid Insurance Salaries and Wages Payable 2,400 $ 920 Service Revenue 2,000 Supplies Expense 950 Insurance Expense Salaries and Wages Expense 400 2,900
Step by Step Answer:
a Supplies balance 800 Supplies expense 950 Add Supplies 131 850 Less Sup...View the full answer
College Accounting
ISBN: 1986
1st Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Deanna C. Martin, Jill E. Mitchell
Related Video
A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
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