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Each of the following independent events requires a year-end adjusting entry. a. Paid $9,700 cash in advance on July 1 for a one-year lease on
Each of the following independent events requires a year-end adjusting entry. a. Paid $9,700 cash in advance on July 1 for a one-year lease on office space. b. Purchased $3,700 of supplies on account on April 15. At year-end, $180 of supplies remained on hand. c. Received a $8,600 cash advance on July 1 for a contract to provide services for one year beginning immediately. d. Paid $3,500 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 answer to the nearest whole dollar. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Date Account Titles Debit Credit July 1 Prepaid rent 9,700 Cash 9,700 December 31 Rent expense (9,700 6/12) Prepaid rent 4,850 4,850 View transaction list Journal entry worksheet 1 2 3 456 Record supplies purchase on account. Note: Enter debits before credits. Date Apr. 15 General Journal Debit Credit > Date Account Titles Debit Credit July 1 Prepaid rent 9,700 Cash 9,700 December 31 Rent expense (9,700 6/12) Prepaid rent 4,850 4,850 View transaction list Journal entry worksheet 1 2 3 456 Record adjusting entry for supplies expenses. Note: Enter debits before credits. Date Dec. 31 General Journal Debit Credit > View transaction list Journal entry worksheet Journal entry worksheet Record adjusting entry for unearned revenue. Note: Enter debits before credits. Date Dec. 31 General Journal Debit Credit Journal entry worksheet Journal entry worksheet 1 2 3 4 5 6 > Record adjusting entry for prepaid insurance. Note: Enter debits before credits. Date Dec. 31 General Journal Debit Credit
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