lint Hills, Inc. has prepared a year-end 2021 trial balance. Certain accounts in the trial balance do not reflect all activities that have occurred. The Supplies account shows a balance of $880, but a count of supplies reveals only $380 on hand. Flint Hills initially records the payments of all insurance premiums as expenses. The trial balance shows a balance of $590 in Insurance expense. A review of insurance policies reveals that $210 of insurance is unexpired. Flint Hills employees work Monday through Friday, and salaries of $4,100 per week are paid each Friday. Flint Hills' year-end falls on Tuesday. On December 31, 2021, Flint Hills received a utility bill for December electricity usage of $360 that will be paid in early January of 2022.
lint Hills, Inc. has prepared a year-end 2021 trial balance. Certain accounts in the trial balance do not reflect all activities that have occurred. The Supplies account shows a balance of $880, but a count of supplies reveals only $380 on hand. Flint Hills initially records the payments of all insurance premiums as expenses. The trial balance shows a balance of $590 in Insurance expense. A review of insurance policies reveals that $210 of insurance is unexpired. Flint Hills employees work Monday through Friday, and salaries of $4,100 per week are paid each Friday. Flint Hills' year-end falls on Tuesday. On December 31, 2021, Flint Hills received a utility bill for December electricity usage of $360 that will be paid in early January of 2022.
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter4: Completing The Accounting Cycle
Section: Chapter Questions
Problem 4PB: The unadjusted trial balance of Recessive Interiors at January 31, 2019, the end of the year,...
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Flint Hills, Inc. has prepared a year-end 2021
- The Supplies account shows a balance of $880, but a count of supplies reveals only $380 on hand.
- Flint Hills initially records the payments of all insurance premiums as expenses. The trial balance shows a balance of $590 in Insurance expense. A review of insurance policies reveals that $210 of insurance is unexpired.
- Flint Hills employees work Monday through Friday, and salaries of $4,100 per week are paid each Friday. Flint Hills' year-end falls on Tuesday.
- On December 31, 2021, Flint Hills received a utility bill for December electricity usage of $360 that will be paid in early January of 2022.
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