Homework Answers
| (a) | Supplies on January 1 | $800 |
| (950 + 850 - 1,000) | ||
| (b) | The total premium was | $4,800 |
| ($400 x 12 months) | ||
| Policy purchase on August 1, 2019 | ||
| Prepaid Insurance, 1/31 | $2,400 | |
| Monthly premium | $400 | |
| Number of months remaining | 6 | |
| (c) | Salary and Wages Payable at December 31, 2019 | $1,400 |
| Cash Paid | $3,500 | |
| Salaries and wages payable, 1/31 | $800 | |
| $4,300 | ||
| Less: Salaries and wages expense | $2,900 | |
| Salaries and wages payable, 12/31/19 | $1,400 |
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31, 2020, shows the following.
SWIFTY COMPANY
ADJUSTED TRIAL BALANCE
JANUARY 31, 2020
Debit
Credit
Supplies
$820
Prepaid Insurance
3,120
Salaries and Wages Payable
$920
Unearned Service Revenue
870
Supplies Expense
950
Insurance Expense
520
Salaries and Wages Expense
1,920
Service Revenue
2,120
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If the amount in Supplies Expense is the January 31 adjusting
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