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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