E$3-43.$ Analyzing Accounts Using Adjusted Data

Selected T$-$account balances for Fields Company are shown below as of January $31$; adjusting entries

have already been posted. The firm uses a calendar$-$year accounting period but prepares monthly

adjustments.

a$.$ If the amount in Supplies Expense represents the January $31$ adjustment for the supplies used

in January, and $$1,240$ worth of supplies were purchased during January, what was the January

$1$ beginning balance of Supplies?

b$.$ The amount in the Insurance Expense account represents the adjustment made at January $31$

for January insurance expense. If the original insurance premium was for one year, what was

the amount of the premium, and on what date did the insurance policy start?

c$.$ If we assume that no beginning balance existed in wages payable or wages expense on January

$1,$ how much cash was paid as wages during January?

d$.$ If the truck has a useful life of five years, what is the monthly amount of depreciation expense,

and how many months has Fields owned the truck?