Problem - A partial adjusted trial balance of Sheffield Company at January 31, 2017, shows the following.
SHEFFIELD COMPANY ADJUSTED TRIAL BALANCE JANUARY 31, 2017
Debit Credit
Supplies $970
Prepaid Insurance 4,020
Salaries and Wages Payable $1,070
Unearned Service Revenue 1,020
Supplies Expense 950
Insurance Expense 670
Salaries and Wages Expense 2,070
Service Revenue 2,270
Answer the following questions, assuming the year begins January 1.
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?
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?
When was the policy purchased?
If $2,770 of salaries was paid in January, what was the balance in Salaries and Wages Payable at December 31, 2016?
If $1,870 was received in January for services performed in January, what was the balance in Unearned Service Revenue at December 31, 2016? Assume that there are no accounts receivable.