SuppliesPrepaid InsuranceSalaries and Wages PayableUnearned Service RevenueWILDHORSE CO.Adjusted Trial Balance (partial)January 31, 2022Supplies ExpenseInsurance ExpenseSalaries and Wages ExpenseService Revenue(a)Supplies balance(b)Debit$Total premium for 1 yearLPurchase date(c)$6021,338817Answer these questions, assuming the year begins January 1.4461,548If the amount in Supplies Expense is the January 31 adjusting entry and $258 of supplies was purchased in January, what was thebalance in Supplies on January 1?Credit$911-6453,440If the amount in Insurance Expense is the January 31 adjusting entry and the original insurance premium was for 1 year, what was thetotal premium and when was the policy purchased?If $2,150 of salaries owed were paid in January, what was the balance in Salaries and Wages Payable at December 31, 2021?Balance in Salaries and Wages Payable at December 31, 2021 $(d)If $1,548 was received in January for services performed in January, what was the balance in Unearned Service Revenue at December31, 2021?Balance in Unearned Service Revenue at December 31, 2021

Adjusting Entries are the entries that make the accrual principle work for the organization. These…

Supplies Prepaid Insurance Salaries and Wages Payable Unearned Service Revenue WILDHORSE CO. Adjusted Trial Balance (partial) January 31, 2022 Supplies Expense Insurance Expense Salaries and Wages Expense Service Revenue (a) Supplies balance $ (b) Debit Total premium for 1 year $602 Purchase date 1,338 $ 817 446 Answer these questions, assuming the year begins January 1. 1,548 Credit If the amount in Supplies Expense is the January 31 adjusting entry and $258 of supplies was purchased in January, what was the balance in Supplies on January 1? $911 645 3,440 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? (c) If $2,150 of salaries owed were paid in January, what was the balance in Salaries and Wages Payable at December 31, 2021? Balance in Salaries and Wages Payable at December 31, 2021 $ (d) If $1,548 was received in January for services performed in January, what was the balance in Unearned Service Revenue at December 31, 2021? Balance in Unearned Service Revenue at December 31, 2021 $

Supplies Prepaid Insurance Salaries and Wages Payable Unearned Service Revenue WILDHORSE CO. Adjusted Trial Balance (partial) January 31, 2022 Supplies Expense Insurance Expense Salaries and Wages Expense Service Revenue (a) Supplies balance $ (b) Debit Total premium for 1 year $602 Purchase date 1,338 $ 817 446 Answer these questions, assuming the year begins January 1. 1,548 Credit If the amount in Supplies Expense is the January 31 adjusting entry and $258 of supplies was purchased in January, what was the balance in Supplies on January 1? $911 645 3,440 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? (c) If $2,150 of salaries owed were paid in January, what was the balance in Salaries and Wages Payable at December 31, 2021? Balance in Salaries and Wages Payable at December 31, 2021 $ (d) If $1,548 was received in January for services performed in January, what was the balance in Unearned Service Revenue at December 31, 2021? Balance in Unearned Service Revenue at December 31, 2021 $

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter16: Accounting For Accounts Receivable

Section: Chapter Questions

Problem 8SPB: UNCOLLECTIBLE ACCOUNTSALLOWANCE METHOD Lewis Warehouse used the allowance method to record the...

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