At Sunland Ltd . , prepaid costs are debited to expense when cash is paid and unearned
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Question:
At Sunland Ltd prepaid costs are debited to expense when cash is paid and unearned revenues are credited to revenue when the cash
is received. During January of the current year, the following transactions occurred.
Jan. Received $ for services to be performed in the future.
Paid $ for casualty insurance protection for the year.
Paid $ for supplies.
On January it is determined that $ of the service revenue has been earned and that $ of supplies are on hand.
a
Journalize the January transactions. List all debit entries before credit entries. Credit account titles are automatically indented when
amount is entered. Do not indent manually. If no entry is required, select No Entry" for the account titles and enter O for the amounts.
Record journal entries in the order presented in the problem.
To received cash for services to be performed in the
future
Paid cash for casualty insurance
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