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 Credit Supplies $860 3,360 Prepaid Insurance %960 Salars and Wages Payable 910 Unearned Service Revenue Supplies Expense 950 Insurance Expense 560 Salaries and Wages Expense 1,960 Service Revenue 2,160 Answer the following questions, assuming the year begins January 1 Your answer is correct. 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 960 Your answer is correct. 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? 6720 Total premium When was the policy purchased? August 1, 2016 The policy was purchased on LINK TO TEXT Your answer is correct. If $2,660 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 1660 X Your answer is incorrect. Try again. If $1,760 was received in January for services performed in January, what was the balance in Uneaned Service Revenue at December 31, 2016? Assume that there are no accounts receivable Beginning balance of unearned service revenue 510 Click if you would like to Show Work for this question: Open Show Work