Question

X AutoSave 6 2 Project 1 Basic Excel Wilhelm 520 2.1 Saved - File Home Insert Draw - Page Layout Formulas Data Review View Help Liberation Sans - 12 AA 2 Number Paste BIU A 2 $ -% 9 438-68 Conditio Formatt Clipboard Font Alignment Number E36 - X f Value AB 1 E4-14 Analyze adiusted data 2 This is a partial adjusted trial balance of Ramon Company RAMON COMPANY Adjusted Trial Balance January 31, 2017 Credit Supplies Prepaid Insurance Salaries and Wages Payable Uneared Service Revenue Debit $700 1,560 $1,060 750 950 Supplies Expense Insurance Expense Salaries and Wages Expense Service Revenue 520 1.800 4.000 19 Instructions 20 Answer these questions, assuming the year begins January 1 21 (a) If the amount in Supplies Expense is the January 31 adjusting entry, and $300 of supplies was purchased in January, what was the balance in Supplies on January 17 24 (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? 27 (c) If $2,500 of salaries was paid in January, what was the balance in Salaries and Wages Payable at December 31, 2016? 29 (d) If $1,800 was received in January for services performed in January, what was 30 the balance in Unoamned Service Revenue at December 31, 2016? 31 NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?". 1 t ° O

Answer 1

Supplies at the beginning is calculated by adding supplies at the end and deducting the supplies purchased during the year. The insurance premium is paid on monthly basis.The total premium is calculated by 12 months to monthly premium. The date of taking insurance is calculated by taking back m months to get date of purchase of insurance policy.
(@ Balana of supplies on January 1 would be! particolar $ Explanation 40 supplies expenses 950 Given (2) Add: supplies 700 / Given a January 31) (3) Less: supplies (300) Given purchased supplies 1350 (1+2 -3) calculated (January 1) (6) menthy Premium 2 Nymbe of months Frotas premium for $520 X 112 $ 6,240 the year - A Date of policy purchased is calculated below particular s Explanaties prepaid insurance 1560 monthly premium $520 January 31) (jan. 3)) Prepaid insurance for 3 months the number of Remaining) months - $1560 $520 Number of months 9 month comted prosjously pate of purchase may 1 2016) Teslil16

and wages payable calculated below: Exeplanation Given Given The balance in salaries at December 31, 2016 is Lparticular 8 cash paid 2.500 Add: gollaries and 1060 wages payable (January 31) less salaries and (1800) wagel cocpenses salomes and 1760 I wages payable 12/31/16 Given calculated (1) The balance in uneaned revente service Revenue at December, 2016 is calculated below: particolar & Explanation service Revenue 4000 Given Add: unearned 750 Given Revenue 1/31/17 less cash receixed (1800) Given Lin January unearned I 2950 calculated Revencie 12/31/16