Question
PLEASE EXPLAIN ALL STEPS! The partial adjusted trial balance of DAYBREAK Company at January 31, 2017, shows the following. DAYBREAK COMPANY Adjusted Trial Balance January
PLEASE EXPLAIN ALL STEPS!
The partial adjusted trial balance of DAYBREAK Company at January 31, 2017, shows the following.
DAYBREAK COMPANY
Adjusted Trial Balance
January 31, 2017
Debit Credit
Supplies............................................................................................... $ 6,300
Prepaid Insurance................................................................................ 9,800
Salaries and Wages Payable................................................................... $5,200
Unearned Revenue............................................................................... 5,000
Supplies Expense.................................................................................. 3,800
Insurance Expense................................................................................ 1,400
Salaries and Wages Expense................................................................... 11,200
Service Revenue................................................................................... 14,000
Instructions
Answer the following questions, assuming the year begins January 1.
If the amount in Supplies Expense is the January 31 adjusting entry, and $4,100 of supplies was purchased in January, what was the balance in Supplies on January 1?
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?
If $12,000 of salaries was paid in January, what was the balance in Salaries and Wages Payable at December 31, 2016?
If $10,400 was received in January for services performed in January, what was the balance in Unearned Revenue at December 31, 2016?
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