Exercise 3-14A (Algo) Recording events in the general journal and identifying their effect on financial statements LO 3-2

1. Performed $28,800 of services on account.
2. Collected $15,400 cash on accounts receivable.
3. Paid $4,600 cash in advance for an insurance policy.
4. Paid $1,080 on accounts payable.
5. Recorded the adjusting entry to recognize $3,700 of insurance expense.
6. Received $6,100 cash for services to be performed at a later date.
7. Purchased land for $1,980 cash.
8. Purchased supplies for $1,000 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.

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