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.

Expert Solution

ekkarill92 answered 1 year ago

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