Answer the following questions, assuming the year begins January 1. If the amoun

Question

Answer the following questions, assuming the year begins January 1. If the amount in Supplies Expense is the January 31 adjusting entry, and $1,129 of supplies was purchased in January, what was the balance in Supplies on January 1? 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 The total premium $ The policy purchased If $3,712 of salaries was paid in January, what was the balance in Salaries and Wages Payable at December 31, 2014? The balance in Salaries and Wages Payable at December 31, 2014 $

Explanation / Answer

Balance of supplies as on January 1 Balance as on January 31 828 Less: Supplies Purchased -1129 Supplies 892 Balance of supplies as on January 1 591 Total Premium Insurance 373 Prepaid Insurance 2238 Total Premium 2611 Total Premium Salary Payable as on December 31 Salary Paid 3712 Salary Expense -3027 Salary Payable 855 Salary Payable as on December 31 1540

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