X Company’s financial records showed the following during 2014: Payments made for office supplies $150,000 Insurance premiums receipts $ 500,000 Office rental revenues $ 100,000 Wages & salaries paid $ 80,000 X follows the accrual basis of accounting. The following were taken from X’s balance sheets: a. What was office supplies expense during 2014? b. What was wages & salaries expense during 2014? c. What were insurance premiums revenues during 2014? d. What were office rental receipts during 2014?
a)Prepaid supplies expense= payments made+(decrease in office supplies)+increase in office supplies payable
b)wages and salaries expense= wages and salaries paid+increase in salaries payable
c)Insurance premium revenue=insurance premium receipts+decrease in premium
d)Office rental receipts=office rental revenue-decrease in unearned revenue-increase in rental receivable