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

statements LO 13-2

a. Performed $24,400 of services on account.

b. Collected $21,800 cash on ccounts receivable.

c. Paid $4,200 cash in advance for an insurance policy.

A

d. Paid $1,180 on accounts payable.

e. Recorded the adjusting entry to recognize $3,200 of insurance expense

f. Received $9,800 cash for services to be performed at a later date

g. Purchased land for $1,840 cash.

h. 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

a

Account Titles

Accounts receivable

Service revenue

Debit

24,400

Credit

24,400

Exercise 13-14A (Algo) Recording events in the general journal and identifying their effect on financial statements LO 13-2 a. Performed $24,400 of services on account. b. Collected $21,800 cash on accounts recelvable. c. Paid $4,200cash in advance for an insurance policy. d. Paid $1,180 on accounts payable: e. Recorded the adjusting entry to recognize $3,200 of insurance expense: f. Recelved $9,800 cash for services to be performed at a later date. g. Purchased land for $1,840cash. h. 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. Journal entry worlshheet Journal entry worksheet 45 Paid $4,200 cash in advance for an insurance policy. Note: Enter deblts before credits. Journal entry worksheet