Question
A partial adjusted trial balance of Marine Repair Company at January 31, 20 2 1 , shows the following. Marine Repair Company Adjusted Trial Balance
A partial adjusted trial balance of Marine Repair Company at January 31, 2021, shows the following.
Marine Repair Company
Adjusted Trial Balance (partial)
January 31, 2021
DebitCredit
Supplies$ 2,100
Prepaid Insurance14,850
Salaries and Wages Payable$1,310
Unearned Revenue3,350
Supplies Expense2,380
Insurance Expense1,650
Salaries and Wages Expense7,630
Service Revenue19,880
Required:
Answer the following questions, assuming the accounting year begins January 1st.
Very Important: Do Not just provide an answer, you must show your detailed work/calculations.
(a)If the amount in Supplies Expense is the January 31adjusting entry, and $3,750 of supplies was purchased in January, what was the balance in Supplies on January 1st?
(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 $7,080 of salaries was paid in January, what was the balance in Salaries and Wages. Payable at the end of December 31, 2020?
(d)If $14,445 was received in January for services performed in January, what was the balance in Unearned Revenue at the end of December 31, 2020?
A partial adjusted trial balance of Marine Repair Company at January 31, 2021, shows the following.
Marine Repair Company
Adjusted Trial Balance (partial)
January 31, 2021
DebitCredit
Supplies$ 2,100
Prepaid Insurance14,850
Salaries and Wages Payable$1,310
Unearned Revenue3,350
Supplies Expense2,380
Insurance Expense1,650
Salaries and Wages Expense7,630
Service Revenue19,880
Required:
Answer the following questions, assuming the accounting year begins January 1st.
Very Important: Do Not just provide an answer, you must show your detailed work/calculations.
(a)If the amount in Supplies Expense is the January 31adjusting entry, and $3,750 of supplies was purchased in January, what was the balance in Supplies on January 1st?
(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 $7,080 of salaries was paid in January, what was the balance in Salaries and Wages. Payable at the end of December 31, 2020?
(d)If $14,445 was received in January for services performed in January, what was the balance in Unearned Revenue at the end of December 31, 2020?
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