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A partial adjusted trial balance follows for Nolet Ltd. at January 31, 2018. The company's fiscal year end is December 31 and it makes adjustments
A partial adjusted trial balance follows for Nolet Ltd. at January 31, 2018. The company's fiscal year end is December 31 and it makes adjustments monthly. It has already recorded any required adjusting journal entries for the month of January and the amounts shown below are correct. NOLET LTD. Adjusted Trial Balance (partial) January 31, 2018 Debit Credit Supplies $ 640 Prepaid insurance 1,140 Equipment 6,600 Accumulated depreciation equipment $ 2,750 Income tax payable 160 Unearned revenue 800 Service revenue 1,890 Depreciation expense 110 Insurance expense 380 Supplies expense 910 Income tax expense 100 If $1,440 was received in December for services to be performed in January, and all of these services were performed as expected in January, what was the balance in Unearned Revenue at January 1? Assume there were no other transactions that affected Unearned Revenue during this period. The balance in Unearned Revenue $ If the amount in the Depreciation Expense account is the depreciation for the month of January, when was the equipment purchased? Assume that there have been no purchases or sales of equipment since this original purchase and that Nolet uses the straight-line method of depreciation. The equipment was purchased at the If the amount in Insurance Expense is the amount of the January 31 adjusting entry, and the original insurance premium was for one year, what was the total premium (amount paid for the policy) and when was the policy purchased? The total premium $ The policy was purchased on If the amount in Supplies Expense is the amount of the January 31 adjusting entry, and $800 of supplies were purchased in January, what was the balance in Supplies on January 1? The balance in supplies $ If $100 of income tax was paid in January, what was the balance in Income Tax Payable at January 1? The balance in Income Tax Payable $
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