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Exercise 3-07 A partial adjusted trial balance of Skysong Company at January 31, 2020, shows the...

Exercise 3-07

A partial adjusted trial balance of Skysong Company at January 31, 2020, shows the following.

SKYSONG COMPANY
ADJUSTED TRIAL BALANCE
JANUARY 31, 2020

Debit

Credit

Supplies $850
Prepaid Insurance 3,300
Salaries and Wages Payable $950
Unearned Service Revenue 900
Supplies Expense 950
Insurance Expense 550
Salaries and Wages Expense 1,950
Service Revenue 2,150


Answer the following questions, assuming the year begins January 1.

1.  If the amount in Supplies Expense is the January 31 adjusting entry, and $850 of supplies was purchased in January, what was the balance in Supplies on January 1?

2.  If the amount in Insurance Expense is the January 31 adjusting entry, and the original insurance premium was for one year, what was the total premium?  When was the policy purchased?

3.  If $2,650 of salaries was paid in January, what was the balance in Salaries and Wages Payable at December 31, 2019?

4.  If $1,750 was received in January for services performed in January, what was the balance in Unearned Service Revenue at December 31, 2019? Assume that there are no accounts receivable.

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