Exercise 3-14A Recording events in the general journal and identifying their effect on financial statements LO 3-2 a. Performed $8,200 of services on account. b. Collected $5,600 cash on accounts receivable. c. Paid $1,450 cash in advance for an insurance policy. d. Paid $400 on accounts payable. e. Recorded the adjusting entry to recognize $300 of insurance expense. f. Received $1,600 cash for services to be performed at a later date. g. Purchased land for $9,000 cash. h. Purchased supplies for $350 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. Credit Transaction a Account Titles Accounts receivable Service revenue Debit 8,200 8,200 Complete this question by entering your answers in the tabs below. Journal entry worksheet Collected $5,600 cash on accounts receivable. Note: Enter debits before credits. General Journal Debit Credit Transaction b Complete this question by entering your answers in the tabs below. General Journal Horizontal Statements 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.) Transaction Assets Liabilities + Equity Revenue Expenses = Net Income Statement of Cash Flow 8,200 = + 8,200 8,200 - 8,200 b. = + = C. = + = d + e f. + g h. + Total 8,200 0+ 8,200 8,200 0 = 8,200 0