Question - This is a partial adjusted trial balance of Darcy Designs Pty Ltd.
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Darcy Designs Pty Ltd Adjusted trial balance (partial)
as at 31 July 2016
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No.
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Account name
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Debit
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Credit
|
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110
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Supplies
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$1,500
|
|
|
112
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Prepaid Insurance
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2,310
|
|
|
212
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Salaries Payable
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$1,440
|
|
213
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Service Revenue Received in Advance
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1,130
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|
400
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Service Revenue
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|
3,210
|
|
500
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Salaries Expense
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7,070
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|
|
505
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Supplies Expense
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1,300
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|
|
515
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Insurance Expense
|
770
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Answer the following questions, assuming the year begins on 1 July. (Hint: Reconstruct the T accounts to help answer these questions.)
If the amount in supplies expense is the 31 July adjusting entry, and $1,320 of supplies was purchased in July, what was the balance in supplies on 1 July?