Reference no: EM132476212

Financial Analysis Using Adjusted Account Data
Selected 1-account balances for Bloomfield Company are shown below as of January 31, which reflect its accounting adjustments. The firm uses a calendar-year accounting period, but prepares monthly accounting adjustments.

Question a. If the amount in supplies expense represents the January 31 adjustment for the supplies used in January, and $620 worth of supplies were purchased during January, what was t January 1 beginning balance of supplies?

Question b. The amount in the insurance expense account represents the adjustment made at January 31 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?
Amount of the premium

• The policy began on September 1 V of the previous year.

Question c. If we assume that no beginning balance existed in either in either wage payable or wage expense on January 1, how much cash was paid as wages during January? $ 2,500