Question
A partial adjusted trial balance of Sheffield Company at January 31, 2017, shows the following. SHEFFIELD COMPANY ADJUSTED TRIAL BALANCE JANUARY 31, 2017 Debit Credit
A partial adjusted trial balance of Sheffield Company at January 31, 2017, shows the following.
SHEFFIELD COMPANY
ADJUSTED TRIAL BALANCE
JANUARY 31, 2017
Debit
Credit
Supplies$970Prepaid Insurance4,020Salaries and Wages Payable$1,070Unearned Service Revenue1,020Supplies Expense950Insurance Expense670Salaries and Wages Expense2,070Service Revenue2,270
Answer the following questions, assuming the year begins January 1.
If the amount in Supplies Expense is the January 31 adjusting entry, and $850of supplies was purchased in January, what was the balance in Supplies on January 1?
Beginning balance of supplies$
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?
Total premium$
When was the policy purchased?
The policy was purchased on
July 1, 2016
August 1, 2016
August 31, 2016
.
If $2,770of salaries was paid in January, what was the balance in Salaries and Wages Payable at December 31, 2016?
Beginning balance of salaries and wages payable$
If $1,870was received in January for services performed in January, what was the balance in Unearned Service Revenue at December 31, 2016? Assume that there are no accounts receivable.
Beginning balance of unearned service revenue$
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