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Exercise 3-11 (Video) A partial adjusted trial balance of Skysong, Inc. at January 31, 2020, shows...

Exercise 3-11 (Video)

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

Skysong, Inc. Adjusted Trial Balance January 31, 2020
	Debit	Credit
Supplies	$ 900
Prepaid Insurance	1,800
Salaries and Wages Payable		$ 900
Unearned Service Revenue		750
Supplies Expense	800
Insurance Expense	300
Salaries and Wages Expense	3,200
Service Revenue		2,000

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

(a)

If the amount in Supplies Expense is the January 31 adjusting entry and $1,200 of supplies was purchased in January, what was the balance in Supplies on January 1?

Supplies balance

$

(b)

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 and when was the policy purchased?

Total premium		$

Purchase date		Sep. 30, 2019Jan. 31, 2019Jan. 31, 2020Dec. 31, 2019July 31, 2019Aug. 1, 2019

(c)

If $3,700 of salaries was paid in January, what was the balance in Salaries and Wages Payable at December 31, 2019?

Salaries and wages payable

$

Expert Solution

a)

Closing suplly balance=Opening supplies+Supplies purchased-Supplies expense during the year

Closing supplies=$900

Supplies expense=$800

Supplies purchased=$1,200

$900=Opening supplies+$1200-$800

Opening supplies=$500

b) Insurance expense for january=$300

Total Insurance premium for 12 months=12*300

Total insurance premium=$3,600

Purchase date is August 1 2019 as Prepaid insurance in $1,800 which is for 6 months. So Insurance for 6 month is already paid.So, 6 months ending January 31 starts from August 31

c)

Closing salaries and wages payable=Opening salaries and wages payable+Salaries & wages expense-Salaries and wages paid

Clsong salaries and wages payable=$900

Salaries and wages expense=$3,200

Salaries and wages paid=$3,700

$900=Opening salaries and wages payable+$3,200-$3,700

Opening salaries and wages payable=$1,400

Salaries and wages payable balance on 31 December 2019=$1,400

ekkarill92 answered 1 year ago

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