Consider the Following Independent Scenarios: A) at January 1, 2013

question 58

Short Answer

Consider the following independent scenarios: a) At January 1, 2013, accounts receivable was $22,000. Cash collected on accounts receivable during 2011 was $15,000. At December 31, 2011, accounts receivable was $30,000.
What were the revenues earned on account during 2011?
B) At January 1, 2013, accounts payable was $19,000. During 2013, expenses on account were $28,000. At December 31, 2013, accounts payable was $15,000.
What was the amount of cash paid on accounts payable during 2013?
C) At January 1, 2013, the balance in the prepaid insurance account was $480. On March 1, 2013, the company paid $2,940 for insurance coverage for the next 12 months. What was the amount of insurance expense for 2013?
D) At January 1, 2013, the balance in the supplies account was $550. At December 31, 2013, the company counted $600 of supplies on hand. The company reported supplies expense in 2013 of $2,300. What was the total of supplies purchases during 2013?

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Definitions:

Recognizing Information Needs

The process of identifying gaps in knowledge that require information to be sought out and gathered.

Ethically

Pertaining to or dealing with morals or the principles of morality; pertaining to right and wrong in conduct.

Professionals Traits

Characteristics or qualities deemed desirable or essential in individuals within a professional context, such as reliability, ethics, and competence.

Meeting Minimum Qualifications

Fulfilling the basic requirements set forth for a job or activity, often related to education, experience, or skills.