Lily Corporation began operations on January 2. Its year end is December 31, and it adjusts its accounts annually. Selected transactions for the current year follow: 1. 2. 3. 4. 5. On January 2, purchased supplies for $3,700 cash. A physical count at December 31 revealed that $730 of supplies were still on hand. Purchased a vehicle for $46,200 on April 1, paying $4,100 cash and signing a $42,100 bank loan for the balance. The vehicle is estimated to have a useful life of 5 years and the company uses straight-line depreciation. The bank loan has an interestof 3%. Purchased a $3,300, one-year insurance policy for cash on August 1. The policy came into effect on that date. Received a $1,630 advance cash payment from a client on November 9 for services to be performed in the future. As at December 31, half of these services had been completed. On December 1, the company rented additional office space for a six-month period starting on December 1 for $1,120 each month. It paid rent for the months of December and January in advance on this date. (a) Your answer is correct. For each of the above situations, prepare the journal entry for the original transaction. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Jan. 2 Supplies Cash Apr. 1 Vehicles Cash Debit 3700 Credit 3700 46,200 4,100 42,100 Bank Loan Payable Aug. 1 Prepaid Insurance 3300 Cash 3300 Nov. 9 Cash 1,630 Deferred Revenue 1,630 Dec. 1 Prepaid Rent 2240 Cash 2240