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Exercise 13-14A (Algo) Recording events in the general journal and identifying their effect on financial statements LO 13-2 Performed $21,400 of services on account. Collected

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

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