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Problem 13-31A (Algo) Recording adjusting entries in general journal format LO 13-2 Each of the following independent events requires a year-end adjusting entry. Paid $9,100

Problem 13-31A (Algo) Recording adjusting entries in general journal format LO 13-2

Each of the following independent events requires a year-end adjusting entry.

  1. Paid $9,100 cash in advance on July 1 for a one-year lease on office space.
  2. Purchased $3,700 of supplies on account on April 15. At year-end, $320 of supplies remained on hand.
  3. Received a $10,700 cash advance on July 1 for a contract to provide services for one year beginning immediately.
  4. Paid $4,500 cash in advance on February 1 for a one-year insurance policy.

Required Record each event and the related adjusting entry in general journal format. The first event is recorded as an example. Assume a December 31 closing date. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Date Account Titles Debit Credit
July 1 Prepaid rent 9,100
Cash 9,100
Dec. 31 Rent Expense (9,100 6/12) 4,550
Prepaid rent 4,550

Journal entry worksheet

  • Record cash paid in advance for a one-year insurance policy.

Note: Enter debits before credits.

Date General Journal Debit Credit
Feb. 01

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