E3-7. (Analyze Adjusted Data) (LO 3) A partial adjusted trial balance of Piper Company at January 31, 2017, shows the following PIPER COMPANY ADJUSTED TRIAL BALANCE JANUARY 31,2017 Debit Credit s 700 Supplies Prepaid Insurance Salaries and Wages Payable Unearned Service Revenue Supplies Expense Insurance Expense Salaries and Wages Expense Service Revenue 2,400 $800 750 950 400 1,800 2,000 Instructions Answer the following questions, assuming the year begins January 1. (a) If the amount in Supplies Expense is the January 31 adjusting entry, and $850 of supplies was purchased in January, what was the balance in Supplies on January 1? 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 $2.500 of salaries was paid in January, what was the balance in Salaries and Wages Payable at December 31, 2016? (d) If $1,600 was received in January for services performed in January, what was the balance in Unearned service Revenue at December 31, 2016? E3-11. (Prepare Financial Statements) (LO 4) The adjusted trial balance of Anderson Cooper Co. as of December 31, 2017, contains the following. ANDERSON COOPER Co. ADJUSTED TRIAL BALANCE DECEMBER 31, 2017 $19,472 6,920 2,280 18,050 Cash Accounts Receivable Prepaid Rent Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Dividends Service Revenue Salaries and Wages Expense $ 4,895 5,700 5,472 20,000 11,310 3,000 11,590 6,840 2,260 145 83 Rent Expense Depreciation Expense Interest Expense Interest Payable $59,050 $59,050 Instructions (a) Prepare an income statement. (b) Prepare a statement of retained earnings. (e) Prepare a classified balance sheet. E3-13. (Closing Entries) (LO 5, 6) The adjusted trial balance of Lopez Company shows the following data pertaining to sales at the end of its fiscal year, October 31, 2017: Sales Revenue $800,000, Delivery Expense $12,000, Sales Returns and Allowances $24,000, and Sales Discounts $15,000. Instructions (a) Prepare the revenues section of the income statement. (b) Prepare separate closing entries for (1) sales and (2) the contra accounts to sales