E3-34. Analyzing Accounts Using Adjusted Data Selected T-account balances for Fields Company are shown below as of January 31, 2019; adjust- ing entries have already been posted. The firm uses a calendar-year accounting period but prepares monthly adjustments.

Jan. 31 Bal Jan. 31 Bal Supplies (A) 800 Prepaid Insurance (A) 574 Wages Payable (L) 500 Truck (A) Jan. 31 Bal. 8,700 Jan. 31 Bal Supplies Expense (E) 960 Insurance Expense (E) Jan. 31 Bal Jan. 31 Bal Jan 31 Bal Wages Expense (E) 3,200 Accumulated Depreciation-Truck (XA) 2.610 Jan. 31 Bal

a. If the amount in Supplies Expense represents the January 31 adjustment for the supplies used in January, and $620 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?

d. 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? 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?