d. Pald $700 on accounts payable. e. Pald $6,800 cash in advance for an insurance policy. 1. Recorded the adjusting entry to recognize $4,500 of insurance expense. Account Title Debit Credit Assets = Liab. + Equity Rev. - Exp. = Net Inc. Cash Flows Account Title Debit Credit Assets = Liab. + Equity Rev. Exp. = Net Inc. Cash Flows Account Title Debit Credit Assets = Liab. + Equity Rev. - Exp. = Net Inc. Cash Flows 8. Received $4,000 cash for services to be performed at a later date. h. Purchased supplies for $2,400 cash. 3-96 Account Title Debit Credit Assets = Liab. + Equity Rev. - Exp. = Net Inc. Cash Flows Account Title Debit Credit Assets = Liab. + Equity Rev. Exp. = Net Inc. Cash Flows