Now you try it: Cash Revenue Accounts receivable Revenue 1. Performed $7,500 in engineering services for a client on December 15th. The client has 30 days to pay. Cash Revenue Accounts receivable Cash 2. Received a partial payment of $4,500 from the client in 1. above on January 15th. Insurance expense Prepaid rent Cash 20,000 3. Purchased one year of rent for $12,000 on January 1st. Cash 20,000 20,000 20,000 Insurance expense Insurance expense Prepaid insurance Cash 20,000 4. Adjusting the trial balance on January 31st to record one month of rent expense. 20,000 Supplies expense Supplies inventory Cash 20,000 5. Purchased supplies inventory for $8,250 on January 1st. Cash 20,000 20,000 20,000 Supplies expense Supplies expense Supplies inventory Cash 20,000 6. Counted the supplies inventory on December 31st. There were $698 in supplies on hand. 20,000 Telephone expense Telephone expense Accounts payable Cash 20,000 7. Estimated telephone expense of $695 for the month of July. 20,000 Telephone expense Accounts payable Cash 20,000 8. Received and paid the telephone bill in August. Cash 20,000 20,000 20,000