Business, 08.07.2021 21:30 angelbabynn05

Financial Analysis Using Adjusted Account Data Selected T-account balances for Bloomfield Company are shown below as of January 31, which reflect its accounting adjustments. The firm uses a calendar-year accounting period, but prepares monthly accounting adjustments.
Supplies Jan. 31 Bal 2,700
Supplies Expense Jan. 31 Bal. 2,880
Prepaid Insurance Jan. 31 Bal. 1,722
Insurance Expense Jan. 31 Bal. 246
Wages Payable 2,100 Jan. 31 Bal.
Wages Expense Jan. 31 Bal. 9,600
Truck Jan. 31 Bal 21,456
Accumulated Depreciation
- Truck 5,960 Jan. 31 Bal.
a. If the amount in supplies expense represents the January 31 adjustment for the supplies used in January, and $1,860 worth of supplies were purchased during January, what was the January 1 beginning balance of supplies?
b. The amount in the insurance expense account represents the adjustment made at January 31 for January insurance expense. If the original insurance premium was for one year, what was the amount of the premium, and on what date did the insurance policy start?
c. If we assume that no beginning balance existed in either in either wage payable or wage expense on January 1, how much cash was paid as wages during January?

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Financial Analysis Using Adjusted Account Data Selected T-account balances for Bloomfield Company a...

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