Question

Selected T-account balances for Bloomfield Company are shown below as of January 31, which reflect its...

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. 1,800 1,800 Jan. 31 Bal.
Supplies Expense
Jan. 31 Bal. 1,920 1,148 Jan. 31 Bal.
Prepaid Insurance
Jan. 31 Bal. 1,148 1,148 Jan. 31 Bal.
Insurance Expense
Jan. 31 Bal. 164 164 Jan. 31 Bal.
Wages Payable
Jan. 31 Bal. 1,400 1,400 Jan. 31 Bal.
Wages Expense
Jan. 31 Bal. 6,400 6,400 Jan. 31 Bal.
Truck
Jan. 31 Bal. 17,376 17,376 Jan. 31 Bal.
Accumulated Depreciation -Truck
Jan. 31 Bal. 5,068 5,068 Jan. 31 Bal.

a. If the amount in supplies expense represents the January 31 adjustment for the supplies used in January, and $1,240 worth of supplies were purchased during January, what was the January 1 beginning balance of supplies?
$Answer


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?
Amount of the premium $Answer


The policy began on AnswerJune 1July 1August 1September 1October 1November 1 of the previous year.


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? $Answer


d. If the truck has a useful life of four years (or 48 months), what is the monthly amount of depreciation expense, and how many months has Bloomfield owned the truck? Answer

months

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