Question 32 A partial adjusted trial balance follows for Nolet Ltd. at January 31, 2018. The company's fiscal year end is December 31 and it makes adjustments monthly. It has already recorded any required adjusting journal entries for the month of January and the amounts shown below are correct. Credit NOLET LTD. Adjusted Trial Balance (partial) January 31, 2018 Debit Supplies $ 630 Prepaid insurance 1,230 Equipment 7,800 Accumulated depreciation-equipment Income tax payable Unearned revenue Service revenue Depreciation expense 130 Insurance expense 410 Supplies expense 1,020 Income tax expense 110 $ 3,250 140 740 2,110 If $1,530 was received in December for services to be performed in January, and all of these services were performed as expected in January, what was the balance in Unearned Revenue at January 1? Assume there were no other transactions that affected Unearned Revenue during this period. The balance in Unearned Revenue 2270 January 31 adjusting entry, and the original insurance premium was for one year, what was the total premium (amount paid for the policy) and when was the policy purchased? The total premium 4920 The policy was purchased on May 1 V If the amount in Supplies Expense is the amount of the January 31 adjusting entry, and $730 of supplies were purchased in January, what was the balance in Supplies on January 1? The balance in supplies If $110 of income tax was paid in January, what was the balance in Income Tax Payable at January 1? The balance in Income Tax Payable