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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?
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