Exercise 3-14A (Algo) Recording events in the general journal and identifying their effect on financial statements LO 3-2 a. Performed $21,900 of services on account. b. Collected $20,900 cash on accounts receivable. c. Paid $5,300 cash in advance for an insurance policy. d. Paid $500 on accounts payable. e. Recorded the adjusting entry to recognize $3,900 of insurance expense. f. Received $5,200 cash for services to be performed at a later date. g. Purchased land for $1,500 cash. h. Purchased supplies for $1,300 cash. Required Record each of the preceding 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 Title Debit Credit a Accounts receivable 21,900 Service revenue 21,900 Complete this question by entering your answers in the tabs below. General Horizon... Journal Statem... Record each of the preceding transactions in general journal form. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet No Transaction General Journal 1 b Cash Debit 20,900 Credit Accounts receivable 20,900 2 C Prepaid insurance 5,300 Cash 5,300 3 d Accounts payable 500 Cash 500 4 e Insurance expense 3,900 Prepaid insurance 3,900 5 f Cash 5,200 Unearned revenue 5,200 6 g Land 1,500 Cash 1,500 7 h Supplies Cash 1,300 1,300 < General Journal Horizontal Statements Model >