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Copy of CH3 InClass

Copy of CH3 InClass - Prepaid Accounts Retained Cash...

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Cash Supplies = (2,400) 2,400 c. Purchased supplies on account, $700 700 700 Make the adjusting entries below: Expired insurance for one month (200) (200) (450) (450) Prepaid expense Accounts payable Retained earnings b. Paid $2,400 for an insurance premium on a 1-year policy Supplies at end of month were $250. Enter supplies used.
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Insurance expense Supplies expense Account (Select from list)
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Select from list below 1. Fees earned but not yet received. AR--Accrued Revenue 3. Fees received but not yet earned. DR--Deferred Revenue 2. Subscriptions received in advance by a magazine publisher. DR--Deferred Revenue 4. Taxes owed and not yet paid. AE--Accrued Expense 5. Utilities owed and not yet paid. AE--Accrued Expense 6. Rent paid in advance. DE--Deferred Expense 7. Supplies on hand. DE--Deferred Expense 8. A 2-year premium paid on a fire insurance policy DE--Deferred Expense
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(1,000) 1,500 a. The balance in the supplies account, before adjustment at the end of the year, is $1,500. What is the amount of the adjustment if the amount of supplies on had at the end of the year is $500? Enter number to right with a + or - b. The supplies account has a balance of $1,000, and the supplies expense account has a balance of $500 at December 31, 2007. If 2007 was the first year of operations, what was the amount of supplies purchased during the year? Enter number to right with a + or -
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Enter the transactions below to the right: Cash Supplies Building Balance January 1 10,400 13,500 360 560 90,000 50,000 3,000 7,200 (3,600) 3,600 Jan. 11 Paid vendors $3,800 on account. (3,800) Jan. 12. Purchased supplies of $1,000 on account. 1,000 13,500 (13,500) 24,800 Jan. 29 Paid wages expense, $12,600 (12,600) Jan. 29 Paid utilities expense, $2,500 (2,500) (2,700) Jan. 29 Paid interest expense, $250 (250) Jan. 29 Paid misc expense, $650.
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