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What was the balance in Supplies on January

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Reference no: EM132604017

Question - A partial adjusted trial balance of Skysong Company at January 31, 2020, shows the following.

SKYSONG COMPANY ADJUSTED TRIAL BALANCE JANUARY 31, 2020

Debit Credit

Supplies $850

Prepaid Insurance 3,300

Salaries and Wages Payable $950

Unearned Service Revenue 900

Supplies Expense 950

Insurance Expense 550

Salaries and Wages Expense 1,950

Service Revenue 2,150

Answer the following questions, assuming the year begins January 1.

(a) If the amount in Supplies Expense is the January 31 adjusting entry, and $850 of supplies was purchased in January, what was the balance in Supplies on January 1?

Reference no: EM132604017

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