Question

In: Accounting

Q1: A partial adjusted trial balance of Rosenberg Company at January 31, 2007 shows the following:...

Q1:

A partial adjusted trial balance of Rosenberg Company at January 31, 2007 shows the following:

Rosenberg Company

Adjusted Trial Balance

January 31, 2007

                                                                                       Debit              Credit

Supplies                                                                       $1,850

Prepaid Insurance 3,500

Salaries Payable                                                                                   $1,800

Unearned Revenue 1,750

Supplies Expense 1,950

Insurance Expense 500

Salaries Expense 2,800

Service Revenue                                                                                    2,500

Use only the above partial account information to answer questions 44—47 assuming the year begins January 1.

If the amount in Supplies Expense is the January 31 adjusting entry and $1,000 of supplies was purchased in January, what was the beginning balance in Supplies on January 1?

Group of answer choices

$ 950

$ 850

$ 900

$2,800

$1,100

Refer to question Q1

If $2,000 cash was received in January for services performed in January, what was the balance in Unearned Revenue at January 1?

Group of answer choices

$3,750

$2,250

$1,250

$ 250

$1,750

Refer to question Q1

If $3,500 of salaries was paid in January, and $2,800 of salaries expense was accrued in January, what was the balance in Salaries Payable at January 1?

Group of answer choices

$2,500

$5,300

$4,500

$4,600

$2,450

Refer to question Q1

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?

Group of answer choices

$3,000

$6,000

$5,500

$4,000

$8,000

Solutions

Expert Solution

1)When supplies are purchased the supplies stock is debited

Supplies at the end of year = Supplies at the beginning of the month+supplies purchased

$1,850= beginning balance in Supplies on January 1 +$1,000

beginning balance in Supplies on January 1 =$1,850-1,000

=$850

Answer $850

2)when cash is received without performing service in the same period, unearned service revenue is credited.

Here, $2,000 cash received against service performed in January. As the service have already been provided, there is no effect on unearned service revenue.

So unearned service revenue = $1,750 (unaffected)

3) salary payable at the end of month = salary at the beginning of month+salary expense accrued-salary paid

$1,800= Salaries Payable at January 1+$2,800-$3,500

Salaries Payable at January 1 = $1,800-2,800+3,500

=$2,500

4)Insurance expense is recorded as it is accrued.

so insurance expense $500 is for the month of january

one year total premium = $500*12 months

=$6,000

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