RAMON COMPANY Adjusted Trial Balance January 31, 2017 Supplies expense Add: Supplies (1/31) Less: Supplies purchased Supplies (1/1) "950" "700" "300" Credit Value Debit $700 1,560 Monthly premium Number of months Total premium X 12 $1,060 750 Supplies Prepaid Insurance Salaries and Wages Payable Unearned Service Revenue Supplies Expense Insurance Expense Salaries and Wages Expense Service Revenue Value Value 950 520 1,800 Prepaid Insurance, 1/31 Monthly premium Number of months remaining, 1/31 Date of Purchase Date 4,000 Cash Paid Salaries and wages payable, 1/31/17 Value Value Value Less: Salaries and wages expense Salaries and wages payable, 12/31/1 Service revenue unearned revenue, 1/31/17 Instructions 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? (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? If $2,500 of salaries was paid in January, what was the balance in Salaries and Wages Payable at December 31, 2016? (d) If $1,800 was received in January for services performed in January, what was the balance in Unearned Service Revenue at December 31, 2016? NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?". "4000" Value Value Value (c) Cash received in January Unearned revenue, 12/31/16 After you have completed Problem 2, consider the following additional question. Assume that amounts for purchase of supplies, salaries paid and cash received in services performed in January changed to $500, $1,800 and $2,800 respectively. How do these changes impact your responses