This is a partial adjusted trial balance of Orlando Corporation: ORLANDO CORPORATION Partial Adjusted Trial Balance January 31, 2018 Debit Credit Supplies $ 690 Prepaid Insurance 1,560 Salaries Payable $ 1,300 Unearned Revenue 740 Dividends Declared 1,510 Service Revenue 2,100 Supplies Expense 1,010 Insurance Expense 520 Salaries Expense 1,810 Income Tax Expense 340 (a) Answer the following questions, assuming Orlando’s year-end is December 31 and adjusting entries are recorded monthly. (1) If the amount in Supplies Expense was recorded in the January 31 adjusting entry, and $ 680 of supplies was purchased in January, what was the balance in Supplies on January 1? Supplies balance $ (2) If the amount in Insurance Expense was recorded in 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 $ Purchase date (3) If $ 2,600 of salaries was paid in January, what was the balance in Salaries Payable at December 31, 2017? Salaries payable $
This is a partial adjusted trial balance of Orlando Corporation: ORLANDO CORPORATION Partial Adjusted Trial Balance January 31, 2018 Debit Credit Supplies $ 690 Prepaid Insurance 1,560 Salaries Payable $ 1,300 Unearned Revenue 740 Dividends Declared 1,510 Service Revenue 2,100 Supplies Expense 1,010 Insurance Expense 520 Salaries Expense 1,810 Income Tax Expense 340 (a) Answer the following questions, assuming Orlando’s year-end is December 31 and adjusting entries are recorded monthly. (1) If the amount in Supplies Expense was recorded in the January 31 adjusting entry, and $ 680 of supplies was purchased in January, what was the balance in Supplies on January 1? Supplies balance $ (2) If the amount in Insurance Expense was recorded in 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 $ Purchase date (3) If $ 2,600 of salaries was paid in January, what was the balance in Salaries Payable at December 31, 2017? Salaries payable $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
This is a partial adjusted trial balance of Orlando Corporation:
| ORLANDO CORPORATION Partial Adjusted Trial Balance January 31, 2018 |
||||
| Debit | Credit | |||
| Supplies | $ 690 | |||
| Prepaid Insurance | 1,560 | |||
| Salaries Payable | $ 1,300 | |||
| Unearned Revenue | 740 | |||
| Dividends Declared | 1,510 | |||
| Service Revenue | 2,100 | |||
| Supplies Expense | 1,010 | |||
| Insurance Expense | 520 | |||
| Salaries Expense | 1,810 | |||
| Income Tax Expense | 340 |
(a)
Answer the following questions, assuming Orlando’s year-end is December 31 and adjusting entries are recorded monthly.
(1) If the amount in Supplies Expense was recorded in the January 31 adjusting entry, and $ 680 of supplies was purchased in January, what was the balance in Supplies on January 1?
(2) If the amount in Insurance Expense was recorded in 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?
(3) If $ 2,600 of salaries was paid in January, what was the balance in Salaries Payable at December 31, 2017?
(4) If $ 1,700 was received in January for services performed in January, what was the balance in Unearned Service Revenue at December 31, 2017?
(1) If the amount in Supplies Expense was recorded in the January 31 adjusting entry, and $ 680 of supplies was purchased in January, what was the balance in Supplies on January 1?
| Supplies balance | $ |
(2) If the amount in Insurance Expense was recorded in 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 | $ | ||
| Purchase date |
(3) If $ 2,600 of salaries was paid in January, what was the balance in Salaries Payable at December 31, 2017?
| Salaries payable | $ |
(4) If $ 1,700 was received in January for services performed in January, what was the balance in Unearned Service Revenue at December 31, 2017?
| Service revenue | $ |
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