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Answer the following transactions with solution and explanation on how did you get the answer. Please read and follow the direction tements following. A partial
Answer the following transactions with solution and explanation on how did you get the answer. Please read and follow the direction
tements following. A partial adjusted trial balance of Zaylo Company at December 31, 2019, shows the Exercise 25 7305 4420 Zaylo Company Trial Balance December 31, 2019 Debit P850 2,400 Credit P800 750 950 600 1,800 Supplies Prepaid Insurance Salaries Payable Unearned Revenue Supplies Expense Insurance Expense Salaries Expense Service Revenue 2,000 Instructions: Answer the following questions, assuming the year starts January 1. a) The amount of P950 in Supplies Expense is the result of an adjusting entry and P500 of supplies were purchased in March. What was the balance in Supplies on January 1? b) The amount of P600 in Insurance Expense came from the December 31 adjusting entry. The original insurance premium was for one year. What was the total premium and when was the policy purchased? c) P3,500 of salaries was paid in 2019. What was the balance in Salaries Payable at December 31, 2018? d) P1,600 was received in 2019 for services performed in December. What was the balance in Unearned Revenue on December 31, 2018
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