Financial Analysis Using Adjusted Account Data Selected T-account balances for Bloomfield Company are shown...
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Financial Analysis Using Adjusted Account Data Selected Taccount balances for Bloomfield Company are shown below as of January which reflect its accounting adjustments. The firm uses a calendaryear accounting period but prepares monthly accounting adjustments. a If the amount in supplies expense represents the January adjustment for the supplies used in January, and $ worth of supplies were purchased during January, what was the January beginning balance of supplies? The amount in the insurance expense account represents the adjustment made at January 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 wages payable or wages expense on January how much cash was paid as wages during January? d If the truck has a useful life of five years or months what is the monthly amount of depreciation expense, and how many months has Bloomfield owned the truck? 
Financial Analysis Using Adjusted Account Data
Selected Taccount balances for Bloomfield Company are shown below as of January which reflect its accounting adjustments. The firm uses a calendaryear accounting period but prepares monthly accounting adjustments.
a If the amount in supplies expense represents the January adjustment for the supplies used in January, and $ worth of supplies were purchased during January, what was the January beginning balance of supplies?
The amount in the insurance expense account represents the adjustment made at January 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 wages payable or wages expense on January how much cash was paid as wages during January?
d If the truck has a useful life of five years or months what is the monthly amount of depreciation expense, and how many months has Bloomfield owned the truck?
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