A partial adjusted trial balance of Frangesch Company at January 31, 2017, shows the following.

Instructions

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

a) If the amount in Supplies Expense is the January 31 adjusting entry, and $1,000 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, and the original insurance premium was for one year, what was the total premium and when was the policy purchased?

(c) If $3,800 of salaries was paid in January, what was the balance in Salaries and Wages Payable at December 31,2016?

Transcribed Image Text:

FRANGESCH COMPANY Adjusted Trial Balance January 31, 2017 Debit Credit Supplies Prepaid Insurance Salaries and Wages Payable Unearned Service Revenue Supplies Expense Insurance Expense Salaries and Wages Expense Service Revenue $ 850 2,400 920 750 950 400 2,900 2,000