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Question - This is a partial adjusted trial balance of Darcy Designs Pty Ltd.
Darcy Designs Pty Ltd Adjusted trial balance (partial) as at 31 July 2016
No.
Account name
Debit
Credit
110
Supplies
$1,500
112
Prepaid Insurance
2,310
212
Salaries Payable
$1,440
213
Service Revenue Received in Advance
1,130
400
Service Revenue
3,210
500
Salaries Expense
7,070
505
Supplies Expense
1,300
515
Insurance Expense
770
If the amount in insurance expense is the July adjusting entry, and the original insurance premium was for 1 year, what was the total premium and when was the policy purchased?
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