Consider the Following Independent Scenarios:At January 1, Year 2, Accounts

Essay

Consider the following independent scenarios:At January 1, Year 2, accounts receivable was $24,000. Cash collected on accounts receivable during Year 2 was $55,000. At December 31, Year 2, accounts receivable was $30,000. What were the revenues earned on account during Year 2?At January 1, Year 2, accounts payable was $19,000. During Year 2, expenses on account were $68,000. At December 31, Year 2, accounts payable was $15,000. What was the amount of cash paid on accounts payable during Year 2?At January 1, Year 2, the balance in the prepaid insurance account was $480; that amount expires in Year 2. On March 1, Year 2, the company paid $3,000 for insurance coverage for the next 12 months. What was the amount of insurance expense for Year 2?At January 1, Year 2, the balance in the supplies account was $550. At December 31, Year 2, the company counted $400 of supplies on hand. The company reported supplies expense in Year 2 of $3,300. What was the total of supplies purchases during Year 2?