Exercise 13-14A (Algo) Recording events in the general journal and identifying their effect on financial statements LO 13-2

1. Performed $21,400 of services on account.
2. Collected $16,500 cash on accounts receivable.
3. Paid $4,200 cash in advance for an insurance policy.
4. Paid $1,320 on accounts payable.
5. Recorded the adjusting entry to recognize $3,900 of insurance expense.
6. Received $5,400 cash for services to be performed at a later date.
7. Purchased land for $1,440 cash.
8. Purchased supplies for $1,100 cash.

Required

Record each of the above transactions in general journal form and then show the effect of the transaction in a horizontal statements model. The first transaction is shown as an example.

Transaction	Account Titles	Debit	Credit
a	Accounts receivable	21,400
	Service revenue		21,400