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cash, supplies, prepaid insurance not correct answer At Flint Corporation, prepaid costs are debited to expense when cash is paid and unearned revenues are credited
cash, supplies, prepaid insurance not correct answer
At Flint Corporation, 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. 2 Received $10,400 for services to be performed in the future. 2 Paid $3,540 for casualty insurance protection for the year. 10 Paid $4,900 for supplies. On January 31, it is determined that $3,080 of the service revenue has been earned and that there is $2,550 of supplies on hand. Determine the ending balance in each of the Taccounts. (Post entries in the order of journal entries presented in the previous parts.) Cash Jan 2 10400 Jan 2 3540 Jan. 10 4900 Bal 1960 Supplies 4900 Jan. 10 Jan 31 1960 Bal 2940 Prepaid Insurance Jan 2 3540 Unearned Revenue Jan 2 10400 Service Revenue Insurance Expense Supplies Expense Step by Step Solution
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