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

1. Performed $28,700 of services on account.
2. Collected $18,100 cash on accounts receivable.
3. Paid $5,300 cash in advance for an insurance policy.
4. Paid $1,280 on accounts payable.
5. Recorded the adjusting entry to recognize $3,500 of insurance expense.
6. Received $11,800 cash for services to be performed at a later date.
7. Purchased land for $840 cash.
8. Purchased supplies for $1,300 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	28,700
	Service revenue		28,700

Horizontal General Statements Journal Model Show the effect of the transaction in a horizontal statements model. The first transaction is shown as an example. (In the Statement of Cash Flows column, use OA to designate operating activity, IA for investment activity, FA for financing activity, and NC for net change in cash. Enter any decreases to account balances with a minus sign.) + Equity Revenue Expenses = Net Income Statement of Cash Flow Transaction Assets = Liabilities 28,700 = a. + 28,700 28,700 28,700 b. + = = + C. + = + = d. + e. = + f. + g. = + + = h. + = + Total 28,700 = 0 + 28,700 28,700 0 = 28,700 0 Record each of the above 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 Journal entry worksheet Collected $18,100 cash on accounts receivable. Note: Enter debits before credits Transaction General Journal Debit Credit b Record entry Clear entry View general journal