Transmute Company paid or collected during the current year the following items: Insurance premium paid 15,400 Interest collected 30,900 Salaries paid 135,200 The following balances have been excerpted from Transmute’s balance sheet: December 31 January 1 Prepaid insurance 1,200 1,500 Interest receivable 3,700 2,900 Salaries payable 12,300 10,600 The insurance expense on the income statement for the current year was
Transmute Company paid or collected during the current year the following items: Insurance premium paid 15,400 Interest collected 30,900 Salaries paid 135,200 The following balances have been excerpted from Transmute’s balance sheet: December 31 January 1 Prepaid insurance 1,200 1,500 Interest receivable 3,700 2,900 Salaries payable 12,300 10,600 The insurance expense on the income statement for the current year was
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Accounting For Merchandising Businesses
Section: Chapter Questions
Problem 5PA: The following selected accounts and their current balances appear in the ledger of Clairemont Co....
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Question
Transmute Company paid or collected during the current year the following items:
|
Insurance premium paid |
15,400 |
|
Interest collected |
30,900 |
|
Salaries paid |
135,200 |
The following balances have been excerpted from Transmute’s balance sheet:
|
|
December 31 |
January 1 |
|
Prepaid insurance |
1,200 |
1,500 |
|
Interest receivable |
3,700 |
2,900 |
|
Salaries payable |
12,300 |
10,600 |
The insurance expense on the income statement for the current year was
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