Prepaid Insurance 1,560 Salaries and Wages Payable $ 1,060 Unearned Service Revenue 750 Supplies Expense 950 Insurance Expense 520 Salaries and Wages Expense 1,800 Service Revenue 4,000
Instructions Answer these questions, assuming the year begins January 1.
( a) If the amount in Supplies Expense is the January 31 adjusting entry, and
$ 300 of supplies was purchased in January, what was the balance in Supplies
on January 1?
( b) If the amount in Insurance Expense is the January 31 adjusting entry, and the
original insurance premium was for 1 year, what was the total premium and
when was the policy purchased?
( c) If $ 2,500 of salaries was paid in January, what was the balance in Salaries and
Wages Payable at December 31, 2013?