Analyzing Accounts Using Adjusted Data Selected T-accountbalances for Fields Company are shown below as of January 31, 2014;adjusting entries have already been posted. The firm uses acalendar-year accounting period but prepares monthly adjustments.Supplies (A) Jan.31 Bal 3,200 Supplies Expense (E) Jan.31 Bal 3,840Prepaid Insurance (A) Jan.31 Bal 2,296 Insurance Expense (E) Jan.31Bal 328 Wages Payable (L) Jan.31 Bal 2,000 Wages Expense (E) Jan.31Bal 12,800 Truck (A) Jan.31 Bal 34,800 AccumulatedDepreciation-Truck (XA) Jan.31 Bal 9,860 (a) If the amount inSupplies Expense represents the January 31 adjustment for thesupplies used in January, and $2,480 worth of supplies werepurchased during January, what was the January 1 beginning balanceof Supplies? $Answer 4,560 (b) The amount in the Insurance Expenseaccount represents the adjustment made at January 31 for Januaryinsurance expense. If the original insurance premium was for oneyear, what was the amount of the premium and on what date did theinsurance policy start? $Answer 3,936 May 1, 2013 June 1, 2013 July1, 2013 August 1, 2013 September 1, 2013 October 1, 2013 November1, 2013 (c) If we assume that no beginning balance existed in WagesPayable or Wages Expense on January 1, how much cash was paid aswages during January? $Answer 10,800 (d) If the truck has a usefullife of five years, what is the monthly amount of depreciationexpense? $Answer 580 How many months has Fields owned the truck?Answer 17 months