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E3-7; P3-4 not part e
E3-7
A) Starting Supplies = X ;Supplies Purchases in Jan = $850; Supplies Exp Jan 31 = $950; Supplies Jan 31 = $700
Equation: X + $850 - $950 = $700
X - $100 = $700
X = $800
The balance of supplies on January 1 was $800.
B) Insurance Expense Jan 31 = $400; Prepaid Insurance Jan 31 = $2,400
Equation 1 = $2,400 + $400 = $2,800
Equation 2 = $2,800/365 = $7...
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E3-7; P3-4 not part e
E3-7
A) Starting Supplies = X ;Supplies Purchases in Jan = $850; Supplies Exp Jan 31 = $950; Supplies Jan 31 = $700
Equation: X + $850 - $950 = $700
X - $100 = $700
X = $800
The balance of supplies on January 1 was $800.
B) Insurance Expense Jan 31 = $400; Prepaid Insurance Jan 31 = $2,400
Equation 1 = $2,400 + $400 = $2,800
Equation 2 = $2,800/365 = $7...
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