Question 4 UI 071 = January 31, 2022 Credit Debit $700 1,560 $1.060 750 Supplies Prepaid Insurance Salaries and Wages Payable Unearned Service Revenue Supplies Expense Insurance Expense Salaries and Wages Expense Service Revenue 950 520 1.800 4,000 Answer these questions, assuming the year begins January 1. (a) If the amount in Supplies Expense is the January 31 adjusting entry and $300 of supplies was purchased in January, what was the balance in Supplies on January 1? Supplies balance $ (b) If the amount in Insurance Expense is the January 31 adjusting entry and the original insurance premium was for 1 year, what was the total premium and when was the policy purchased? Total premium for 1 year $