Question

In: Accounting

a. Performed $23,600 of services on account. b. Collected $21,200 cash on accounts receivable. c. Paid...

a. Performed $23,600 of services on account.
b. Collected $21,200 cash on accounts receivable.
c. Paid $4,600 cash in advance for an insurance policy.
d. Paid $1,420 on accounts payable.
e. Recorded the adjusting entry to recognize $3,700 of insurance expense.
f. Recorded the adjusting entry to recognize $340 accrued interest revenue.
g. Received $5,300 cash for services to be performed at a later date.
h. Purchased land for $1,870 cash.
i.

Purchased supplies for $1,300 cash
Required

Record each of the above transactions in general journal form and then show the effect of the transaction in a horizontal statements model.

Solutions

Expert Solution

DR CR
Account receivable 23600
Service revenue 21200
Cash 21200
Account receivable 21200
Prepaid Insurance 4600
Cash 4600
Account Payable 1420
Cash 1420
Insurance Expense 3700
Prepaid Insurance 3700
Interest Accrude 340
interest revenue 340
Cash 5300
Unearned Revenue 5300
Land 1870
Cash 1870
Supplies 1300
Cash 1300
Asset + Liabilities Income Statement Net Income
Cash Account receivable Prepaid Insurance Unearned Revenue Interest Accrude Supplies Land Account Payable Unearned Revenue Revenue - Expense =
23600 23600 23600
21200 -21200 0
-4600 4600 0
-1420 -1420 0
-3700 3700 -3700
340 340 340
5300 5300 0
-1870 1870 0
-1300 1300 0
Total 17310 2400 900 0 340 1300 1870 0 -1420 5300 0 0 23940 0 3700 0 20240

ekkarill92 answered 1 year ago
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