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At Morrison Manufacturing Corporation, the expense method is used for recording prepayments and the revenue method for recording unearned revenues. During July of the current

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At Morrison Manufacturing Corporation, the expense method is used for recording prepayments and the revenue method for recording unearned revenues. During July of the current year, the following tranactions occurred. Jul 1 Jul 2 Jul 12 Received $11,300 for services to be performed in the future. Paid $5,100 for casualty insurance protection for the year. Paid $6,400 for supplies. On July 31, it is determined that $3,900 of the service revenue has been earned and that there is $1,540 of supplies on hand. Instructions NO COMMAS, NO $ a. Journalize the July transactions. Account names Debit Credit Jul 1 Jul 2 Jul 12 b. Journalize the adjusting entries at July 31 in the order given above. Jul-31 Jul-31 Jul-31 Should the above entries be reversed if the company uses reversing entries? Yes or no only

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