Exercise 3-7 A partial adjusted trial balance of Monty Company at January 31, 2017, shows the following MONTY COMPANY ADJUSTED TRIAL BALANCE JANUARY 31, 2017 Debit $820 3,120 Credit Supplies Prepaid Insurance Salaries and Wages Payable Unearned Service Revenue Supplies Expense Insurance Expense Salaries and Wages Expense Service Revenue $920 870 950 520 1,920 2,120 Answer the following questions, assuming the year begins January 1 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? Beginning balance of supplies LINK TO TEXT VIDEO: SIMILAR EXERCISE 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 hen was the policy purchased? The policy was purchased on LINK TO TEXT VIDEO: SIMILAR EXERCISE If $2,620 of 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 LINK TO TEXT VIDEO: SIMILAR EXERCISE