Check my work 1 Each of the following independent events requires a year-end adjusting entry. a. Paid $9,300 cash in advance on July 1 for a one-year lease on office space. b. Purchased $3,100 of supplies on account on April 15. At year-end, $480 of supplies remained on hand. c. Received a $10,500 cash advance on July 1 for a contract to provide services for one year beginning immediately. d. Paid $3,800 cash in advance on February 1 for a one-year insurance policy. Required Record each event and the related adjusting entry in general journal format. The first event is recorded as an example. Assume a December 31 closing date. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Credit Date Account Titles July 1 Prepaid rent Cash Debit 9,300 9,300 4,650 Dec. 31 Rent Expense (9,300 x 6/12) Prepaid rent 4,650 Check my work 1 View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 Apr. 15 3,100 Supplies Accounts payable 3,100 2 Dec. 31 Supplies expense Supplies Cash 3 Jul. 01 Cash Unearned revenue 4 Dec. 31 Unearned revenue Service revenue 5 Feb. 01 Prepaid insurance Cash 6 Dec. 31 Insurance expense Prepaid insurance Check my work The following financial information was taken from the books of Zone Health Club, a small spa and fitness club: Account Balances as of December 31, Year 2 Accounts receivable Accounts payable Salaries payable Cash Dividends Operating expense Prepaid rent Rent expense Retained Earnings 1/1/Year 2 Salaries expense Service revenue Supplies Supplies expense Common stock Unearned revenue Land $ 25, 200 7,970 11,200 40,200 4,900 2,910 3,700 7,500 19,000 33,300 74,47 330 2,990 15,000 7,390 14,000 Required a. Prepare the journal entries necessary to close the temporary accounts at December 31, Year 2, for Zone Health Club. b. What is the balance in the Retained Earnings account after the closing entries are posted? Check my work 1 Journal entry worksheet Record entry to close service revenue. Note: Enter debits before credits. Event General Journal Debit Credit 1 Record entry Clear entr View general journal Check my work 1 Journal entry worksheet Record entry to close expenses. Note: Enter debits before credits. Event General Journal Debit Credit 2 Record entry Clear entry View general journal 1 Journal entry worksheet Record entry to close Dividends. Note: Enter debits before credits. Event General Journal Debit Credit 3 Record entry Clear entry View general journal Check my work 1 Required a. Prepare the journal entries necessary to close the temporary accounts at December 31, Year 2, for Zone Health Club. b. What is the balance in the Retained Earnings account after the closing entries are posted? Complete this question by entering your answers in the tabs below. Required A Required B What is the balance in the Retained Earnings account after the closing entries are posted? Retained Earnings, Year 2 Beginning retained earnings Ending retained earnings
