Acc557 Financial Accounting: E3-11 A partial adjusted trial balance of Ruiz Company

Acc557 Financial Accounting

Exercise 3-11
A partial adjusted trial balance of Ruiz Company at January 31, 2014, shows the following.
Ruiz Company
Adjusted Trial Balance
January 31, 2014
Debit Credit
Supplies 850
Prepaid Insurance 2,400
Salaries and Wages Payable 800
Unearned Service Revenue 750
Supplies Expense 950
Insurance Expense 400
Salaries and Wages Expense 2,500
Service Revenue 2,000

Answer the following questions, assuming the year begins January 1.
(a) If the amount in Supplies Expense is the January 31 adjusting entry, and $670 of supplies 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 one year, what was the total premium and when was the policy purchased?
(c) If $3,300 of salaries was paid in January, what was the balance in Salaries and Wages Payable at December 31, 2013?
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