EXERCISE 13-14B

letters A-H

Exercise 13-148 Recording events in the general journal and identifying their effect on financial statements Required Record each of the following transactions in general journal form and then show the effect of the transaction in the horizontal statements model. The first transaction is shown as an example. a. Performed $50,000 worth of services on account. b. Charged $2,000 on account for operating expense. c. Collected $27,000 cash on accounts receivable. d. Paid $700 on accounts payable. e. Paid $6,800 cash in advance for an insurance policy. f. Recorded the adjusting entry to recognize $4,500 of insurance expense. g. Received $4,000 cash for services to be performed at a later date. h. Purchased supplies for $2,400 cash. Exercise 13-14B Recording events in the general journal and identifying their effect on financial statements Required Record each of the following transactions in general journal form and then show the effect of the transaction in the horizontal statements model. The first transaction is shown as an example. a. Performed $50,000 worth of services on account. b. Charged $2,000 on account for operating expense c. Collected $27,000 cash on accounts receivabie: d. Paid $700 on accounts payable. e. Paid $6,800 cash in advance for an insurance policy. f. Recorded the adjusting entry to recognize $4,500 of insurance expense. g. Received $4,000 cash for services to be performed at a later date. h. Purchased supplies for $2,400 cash. Exercise 13-14B Recording events in the general journal and identifying their effect on financial statements Required Record each of the following transactions in general journal form and then show the effect of the transaction in the horizontal statements model. The first transaction is shown as an example. a. Performed $50,000 worth of services on account. b. Charged $2,000 on account for operating expense. c. Collected $27,000 cash on accounts receivable. d. Paid $700 on accounts payable. e. Paid $6,800 cash in advance for an insurance policy. f. Recorded the adjusting entry to recognize $4,500 of insurance expense. g. Received $4,000 cash for services to be performed at a later date. h. Purchased supplies for $2,400 cash. Exercise 13-14B Recording events in the general journal and identifying their effect on financial statements Required Record each of the following transactions in general journal form and then show the effect of the transaction in the horizontal statements model. The first transaction is shown as an example. a. Performed $50,000 worth of services on account. b. Charged $2,000 on account for operating expense. c. Collected $27,000 cash on accounts receivabie. d. Paid $700 on accounts payable. e. Paid $6,800 cash in advance for an insurance policy. f. Recorded the adjusting entry to recognize $4,500 of insurance expense. g. Received $4,000 cash for services to be performed at a later date. h. Purchased supplies for $2,400 cash. Exercise 13-148 Recording events in the general journal and identifying their effect on financial statements Required Record each of the following transactions in general journal form and then show the effect of the transaction in the horizontal statements model. The first transaction is shown as an example. a. Performed $50,000 worth of services on account. b. Charged $2,000 on account for operating expense. c. Collected $27,000 cash on accounts receivable. d. Paid $700 on accounts payable. e. Paid $6,800 cash in advance for an insurance policy. f. Recorded the adjusting entry to recognize $4,500 of insurance expense. g. Received $4,000 cash for services to be performed at a later date. h. Purchased supplies for $2,400 cash