Question
Note the standardized elements here: Debit first, credit second and indented, followed by a description. Remember every adjusting entry will have one Income Statement account
Note the standardized elements here: Debit first, credit second and indented, followed by a description. Remember every adjusting entry will have one Income Statement account and one Balance Sheet account.
Journal Date Account Debit Credit
Jan 31 Insurance Expense $2,000 $2,000
Prepaid Insurance Used one month of 6-month $12,000 pre-paid policy
Feb 15 Accounts Receivable $7,300 $ $7,300
Services for Client $10,000 prepaid in advance services completed
Feb 28 Salary Expense $17000 $17000
Salaries Payable
To recognize salaries earned being paid in March
Mar 15 Inventory $2350 $2350
Supplies
Inventory value since purchased
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