Question - This is a partial adjusted trial balance of Darcy Designs Pty Ltd.
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Darcy Designs Pty Ltd Adjusted trial balance (partial)
as at 31 July 2016
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No.
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Account name
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Debit
|
Credit
|
|
110
|
Supplies
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$1,500
|
|
|
112
|
Prepaid Insurance
|
2,310
|
|
|
212
|
Salaries Payable
|
|
$1,440
|
|
213
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Service Revenue Received in Advance
|
|
1,130
|
|
400
|
Service Revenue
|
|
3,210
|
|
500
|
Salaries Expense
|
7,070
|
|
|
505
|
Supplies Expense
|
1,300
|
|
|
515
|
Insurance Expense
|
770
|
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If the amount in insurance expense is the July adjusting entry, and the original insurance premium was for 1 year, what was the total premium and when was the policy purchased?