Consider the following independent scenarios: 1. On January 1, Year...
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Accounting
Consider the following independent scenarios: 1. On January 1, Year 2, accounts receivable was $24,000. Cash collected on accounts receivable during Year 2 was $55,000. On December 31, Year 2, accounts receivable was $30,000. 2. On January 1, Year 2, accounts payable was $19,000. During Year 2, expenses on account were $68,000. On December 31, Year 2, accounts payable was $15,000. 3. On January 1, Year 2, the balance in the prepaid insurance account was $480; that amount expires in Year 2. On March 1, Year 2, the company paid $3,000 for insurance coverage for the next 12 months. 4. On January 1, Year 2, the balance in the supplies account was $550. On December 31, Year 2, the company counted $400 of supplies on hand. The company reported supplies expense in Year 2 of $3,300. Required: a. What were the revenues earned on account during Year 2? b. What was the amount of cash paid on accounts payable during Year 2? c. What was the amount of insurance expense for Year 2? d. What was the total of supplies purchased during Year 2? Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D What were the revenues earned on account during Year 2?
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