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I would like to know if all is correct. Thanks Date Transaction Amount January 31 One month has passed on a pre-paid insurance policy intially

I would like to know if all is correct. Thanks

Date Transaction Amount
January 31 One month has passed on a pre-paid insurance policy intially worth $12,000 $ 2,000
February 15 Company completes $7,300 of services for a client who had previously pre-paid $10,000 in advance 7,300
February 28 Employees earn $17,000 in salary but this will not be paid until the next pay period in March 17,000
March 15 An inventory of supplies reveals $2,350 worth has been consumed since they were purchased 2,350
March 31 Depreciation allocated on Fixed Assets for the quarter 28,170

Journal
Date Account Debit Credit
Jan 31 Insurance Expense $ 2,000
Prepaid Insurance $ 2,000
Used one month of 6-month $12,000 pre-paid policy
February 15 Account Receivable $ 10,000
Service Revenue $ 10,000
February 28 Salary Expense $ 17,000
Salary Payable $ 17,000
March 15 Supplies Expense $ 2,300
Supplies $ 2,300
March 31 Depreciation Expense $ 28,170
Accumulated Depreciation $ 28,170

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