E4-13 This is a partial adjusted trial balance of Barone Company. BARONE COMPANY Adjusted Trial Balance January 31, 2014
Debit credit
Supplies $ 700
Prepaid Insurance 1,560
Salaries and Wages Payable $1,060
Unearned Service Revenue 750
Supplies Expense 950
Insurance Expense 520
Salaries and Wages Expense 1,800
Service Revenue 4,000
Instructions Answer these questions, assuming the year begins January 1. (a) If the amount in Supplies Expense is the January 31 adjusting entry, and $300 of sup- plies was purchased in January, what was the balance in Supplies on January 1? (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? (c) If $2,500 of salaries was paid in January, what was the balance in Salaries and Wages Payable at December 31, 2013? (d) If $1,800 was received in January for services performed in January, what was the bal- ance in Unearned Service Revenue at December 31, 2013? Prepare the closing entries at January 31, 2914… Show all work
