Question
A partial adjusted trial balance of Sheridan Company at January 31, 2022, shows the following. SHERIDAN COMPANY Adjusted Trial Balance January 31, 2022 Debit Credit
A partial adjusted trial balance of Sheridan Company at January 31, 2022, shows the following.
SHERIDAN COMPANY Adjusted Trial Balance January 31, 2022 | ||||
---|---|---|---|---|
Debit | Credit | |||
Supplies | $ 800 | |||
Prepaid Insurance | 1,800 | |||
Salaries and Wages Payable | $ 700 | |||
Unearned Service Revenue | 850 | |||
Supplies Expense | 900 | |||
Insurance Expense | 300 | |||
Salaries and Wages Expense | 3,000 | |||
Service Revenue | 3,200 |
Answer the following questions, assuming the year begins January 1. (a) If the amount in Supplies Expense is the January 31 adjusting entry and $1,100 of supplies was purchased in January, what was the balance in Supplies on January 1?
Supplies balance | $enter the amount of supplies balance in dollars |
(b) If the amount in Insurance Expense is the January 31 adjusting entry and the original insurance premium was for 1 year, what was the total premium and when was the policy purchased?
Total premium | $enter the total premium in dollars | |
---|---|---|
Purchase date | select a purchase date Dec. 31, 2019July 31, 2019Jan. 31, 2020Sep. 30, 2019Jan. 31, 2019Aug. 1, 2021 |
(c) If $4,000 of salaries owed were paid in January, what was the balance in Salaries and Wages Payable at December 31, 2021?
Salaries and wages payable | $enter the balance in salaries and wages payable in dollars |
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