ConcordCorporation began operations on January 2. Its year end is December 31, and it adjusts its accounts annually. Selected transactions for the current year follow:

1. On January 2, purchased supplies for $4,250cash. A physical count at December 31 revealed that $640of supplies were still on hand.
2. Purchased a vehicle for $42,300on April 1, paying $4,800cash and signing a 37,500bank loan for the balance. The vehicle is estimated to have a useful life of5years and the company uses straight-line depreciation. The bank loan has an interestof 3%.
3. Purchased a $3,600, one-year insurance policy for cash on August 1. The policy came into effect on that date.
4. Received a $1,680advance cash payment from a client on November 9 for services to be performed in the future. As at December 31, half of these services had been completed.
5. On December 1, the company rented additional office space for a six-month period starting on December 1 for $1,290each month. It paid rent for the months of December and January in advance on this date.

Question For each of the above situations, tell us the journal entry for the original transaction.

Format - Date

Account Titles and Explanation

Debit

Credit