a) At January 1, 2016, accounts receivable was $24,000. Cash collected on accounts receivable during 2016 was $55,000. At December 31, 2016, accounts receivable was $30,000.
What were the revenues earned on account during 2016?
b) At January 1, 2016, accounts payable was $19,000. During 2016, expenses on account were $68,000. At December 31, 2016, accounts payable was $15,000.
What was the amount of cash paid on accounts payable during 2016?
c) At January 1, 2016, the balance in the prepaid insurance account was $480. On March 1, 2016, the company paid $3,000 for insurance coverage for the next 12 months. What was the amount of insurance expense for 2016?
d) At January 1, 2016, the balance in the supplies account was $550. At December 31, 2016, the company counted $400 of supplies on hand. The company reported supplies expense in 2016 of $3,300. What was the total of supplies purchases during 2016?