E3-7 (L03) (Analyze Adjusted Data) A partial adjusted trial balance of Piper Company at January 31, 2017, shows the following. Credit PIPER COMPANY ADJUSTED TRIAL BALANCE JANUARY 31, 2017 Debit Supplies $ 700 Prepaid Insurance 2,400 Salaries and Wages Payable Unearned Service Revenue Supplies Expense 950 Insurance Expense 400 Salaries and Wages Expense 1,800 Service Revenue $ 800 750 2,000 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 $850 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 $2,500 of salaries was paid in January, what was the balance in Salaries and Wages Payable at December 31, 2016? (d) If $1,600 was received in January for services performed in January, what was the balance in Unearned Service Revenue at December 31, 2016? E3-14 (L05) (Closing Entries) Presented below is information related to Gonzales Corporation for the month of January 2017. Cost of goods sold $208,000 Salaries and wages expense $ 61,000 Delivery expense 7,000 Sales discounts 8,000 Insurance expense 12,000 Sales returns and allowances 13,000 Rent expense 20,000 Sales revenue 350,000 Instructions Prepare the necessary closing entries