Question
Record each of the following transactions in general journal form and then show the effect of the transaction in a horizontal statements model. The first
Record each of the following 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.
Account title | debit | credit |
accounts receviable service revenue | 8200 | 8200 |
Asstes = liab. + equity | Rev. - Exp. = Net Inc. | Cash Flow |
8,200 8,200 | 8,200 N/A 8,200 | N/A |
a. performed $8,200 of services on account.
b. collected $5,600 cash on accounts recevible.
c. paid $1,450 cash in advnce for an insurance policy.
d. paid $400 on accounts payable
e. recorded the adjusting entry to recognize $300 of insurane expense
f. recorded the adjusting entry to recognize $200 accured intrest revenue.
g. received $1,600 cash for services to be performed at a later date.
h. purchased land for $9,000 cash.
i. purchased supplies for $350 cash.
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