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Current Attempt in Progress This is a partial adjusted trial balance of Sunland Company SUNLAND COMPANY Adjusted Trial Balance January 31,2025 Debit Credit Supplies $870 Prepaid Insurance 1.550 Salaries and Wages Payable $1,300 Unearned Service Revenue 799 Supplies Expense 899 Insurance Expense 529 Salaries and Wages Expense 1.679 Service Revenue 2.220 Answer these quesons, assuming the year begins January (a) If the amount in Supplies Expense is the January 31 adjusting entry and $200 of supplies was purchased in January, what was the balance in Supplies on January 1? Supplies balance $ (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? Total premium for 1 year $ Purchase date (c) If $2.850 of salaries was paid in January, what was the balance in Salaries and Wages Payable at December 31, 2024? Balance in Salaries and Wages Payable at December 31, 2024 $ (d) If $1,800 was received in January for services performed in January, what was the balance in Unearned Service Revenue at December 31, 2024? Balance in Unearned Service Revenue at December 31, 2024 $ eTextbook and Media

Current Attempt in Progress This is a partial adjusted trial balance of Sunland Company SUNLAND COMPANY Adjusted Trial Balance January 31,2025 Debit Credit Supplies $870 Prepaid Insurance 1.550 Salaries and Wages Payable $1,300 Unearned Service Revenue 799 Supplies Expense 899 Insurance Expense 529 Salaries and Wages Expense 1.679 Service Revenue 2.220 Answer these quesons, assuming the year begins January (a) If the amount in Supplies Expense is the January 31 adjusting entry and $200 of supplies was purchased in January, what was the balance in Supplies on January 1? Supplies balance $ (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? Total premium for 1 year $ Purchase date (c) If $2.850 of salaries was paid in January, what was the balance in Salaries and Wages Payable at December 31, 2024? Balance in Salaries and Wages Payable at December 31, 2024 $ (d) If $1,800 was received in January for services performed in January, what was the balance in Unearned Service Revenue at December 31, 2024? Balance in Unearned Service Revenue at December 31, 2024 $ eTextbook and Media

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Current Attempt in Progress This is a partial adjusted trial balance of Sunland Company SUNLAND COMPANY Adjusted Trial Balance January 31,2025 Debit Credit Supplies $870 Prepaid Insurance 1.550 Salaries and Wages Payable $1,300 Unearned Service Revenue 799 Supplies Expense 899 Insurance Expense 529 Salaries and Wages Expense 1.679 Service Revenue 2.220 Answer these quesons, assuming the year begins January (a) If the amount in Supplies Expense is the January 31 adjusting entry and $200 of supplies was purchased in January, what was the balance in Supplies on January 1? Supplies balance $ (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? Total premium for 1 year $ Purchase date (c) If $2.850 of salaries was paid in January, what was the balance in Salaries and Wages Payable at December 31, 2024? Balance in Salaries and Wages Payable at December 31, 2024 $ (d) If $1,800 was received in January for services performed in January, what was the balance in Unearned Service Revenue at December 31, 2024? Balance in Unearned Service Revenue at December 31, 2024 $ eTextbook and Media
Transcribed Image Text:Current Attempt in Progress This is a partial adjusted trial balance of Sunland Company SUNLAND COMPANY Adjusted Trial Balance January 31,2025 Debit Credit Supplies $870 Prepaid Insurance 1.550 Salaries and Wages Payable $1,300 Unearned Service Revenue 799 Supplies Expense 899 Insurance Expense 529 Salaries and Wages Expense 1.679 Service Revenue 2.220 Answer these quesons, assuming the year begins January (a) If the amount in Supplies Expense is the January 31 adjusting entry and $200 of supplies was purchased in January, what was the balance in Supplies on January 1? Supplies balance $ (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? Total premium for 1 year $ Purchase date (c) If $2.850 of salaries was paid in January, what was the balance in Salaries and Wages Payable at December 31, 2024? Balance in Salaries and Wages Payable at December 31, 2024 $ (d) If $1,800 was received in January for services performed in January, what was the balance in Unearned Service Revenue at December 31, 2024? Balance in Unearned Service Revenue at December 31, 2024 $ eTextbook and Media
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