Question

A partial adjusted trial balance of Joy Limited at January 31, 2014, shows the following:
Instructions
Answer the following questions, assuming the company's fiscal year begins January 1:
(a) If the amount in Supplies Expense is the January 31 adjusting entry, and $650 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 for one month of insurance expense, and the original insurance premium had been paid for one year of coverage, what was the total 12-month premium and when was the policy purchased?
(c) If $2,500 of salaries and wages was paid in January, what was the balance in Salaries and Wages Payable at December 31, 2013?
(d) If $ 1,600 was received in January for services performed in January, what was the balance in Unearned Revenue at December 31, 2013?


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  • CreatedSeptember 18, 2015
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