debit Insurance Expense JILLE debit Insurance Expense $400 and credit Prepare debit Insurance Payable S500 and credit Insurance Expense $500 debit Insurance Expense S500 and credit Prepaid Insurance $500 d Part IV. Journal Entries (10 points) von Morfin, a CPA who loves sports, has decided to open his own business called Morfin's cons services. For the given business transaction, please analyze and provide the proper joumal entry re co cach transaction. (Note: All entries are from Morfin's Consulting Services' perspective! And, you may not use all lines provided for the journal entry!) 1. John Morfin decides to open his own sports consulting firm on 1/1/2018. He contributes the following to his consulting firm: Cash S50,000, Computers and Equipment, $7,000, and Office Furniture, S5,000 for common stock DATE ACCOUNT DEBIT CREDIT 2. John meets with a client on 1/15/2018. During the meeting. John agrees to create a football playbook for the client at a price of $5,000, to be completed and delivered to the client on 3/31/2018 by John. The client pays Joe 40% of the price in advance at the end of the meeting. Provide the journal entry for 1/15/2018. DATE ACCOUNT DEBIT CREDIT