Question [Problem 1]

29 Jun Question [Problem 1]

Question

[Problem 1]

A partial adjusted trial balance of Safin Company at January 31, 2012, shows the following.

SAFIN COMPANY

ADJUSTED TRIAL BALANCE

JANUARY 31, 2012

Debit

Credit

Supplies

$1,020

Prepaid Insurance

3,120

Salaries and Wages Payable

$920

Unearned Revenue

870

Supplies Expense

950

Insurance Expense

520

Salaries and Wages Expense

1,920

Service Revenue

2,120

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

(a) 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?

Beginning balance of

supplies

$

(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

$

The policy was purchased on

August 31, 2011 July 31, 2011 August 1, 2011

(c) If $2,820 of salaries and wages was paid in January, what was the balance in Salaries and

Wages Payable at December 31, 2011?

Beginning balance of salaries and wages

payable

$

(d) If $1,720 was received in January for services performed in January, what was the balance in

Unearned Service Revenue at December 31, 2011?

Beginning unearned service revenue December 31,

2011

$

[Problem 2]