partial adjusted trial balance of Piper Company at January 31, 2014, shows the f
ID: 2419727 • Letter: P
Question
partial adjusted trial balance of Piper Company at January 31, 2014, shows the following. PIPER COMPANY ADJUSTED TRIAL BALANCE JANUARY 31, 2014 Debit Credit Supplies $930 Prepaid Insurance 3,780 Salaries and Wages Payable $1,030 Unearned Service Revenue 980 Supplies Expense 950 Insurance Expense 630 Salaries and Wages Expense 2,030 Service Revenue 2,230 Answer the following questions, assuming the year begins January 1. Incorrect answer. Your answer is incorrect. Try again. 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 $Entry field with incorrect answer LINK TO TEXT Incorrect answer. Your answer is incorrect. Try again. 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? Total premium $Entry field with incorrect answer When was the policy purchased? The policy was purchased on Entry field with incorrect answer. LINK TO TEXT Incorrect answer. Your answer is incorrect. Try again. If $2,730 of salaries was paid in January, what was the balance in Salaries and Wages Payable at December 31, 2013? Beginning balance of salaries and wages payable $Entry field with incorrect answer LINK TO TEXT Incorrect answer. Your answer is incorrect. Try again. If $1,830 was received in January for services performed in January, what was the balance in Unearned Service Revenue at December 31, 2013? Beginning balance of unearned service revenue $Entry field with incorrect answer LINK TO TEXT Question Attempts: 2 of 5 used SAVE FOR LATER SUBMIT ANSWER
Explanation / Answer
(a) Balance in Supplies on January 1 = $930 - $850 + $950 = $1,030
(b) Total Premium of Insurance = $630 * 12 = $7,560
(c) Salaries and Wages payable = $1,030 + $2,730 - $2,030 = $1,730
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