a. Performed $8,200 of services on account. b. Collected $5,600 cash on accounts

Question

a. Performed $8,200 of services on account. b. Collected $5,600 cash on accounts receivable. c. Paid $1,450 cash in advance for an insurance policy. d. Paid $400 on accounts payable. e. Recorded the adjusting entry to recognize $300 of insurance expense f. Received $1,600 cash for services to be performed at a later date. g. Purchased land for $9,000 cash. h. Purchased supplies for $350 cash. Required Record each of the above 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 Titles Debit Credit 8,200 Transaction Accounts receivable Service revenue 8,200 Complete this question by entering your answers in the tabs below.

Explanation / Answer

Transaction Account Titles Debit Credit a. Accounts receivable 8200 Service revenue 8200 (To record services performed on account) b. Cash 5600 Accounts receivable 5600 (To record collections on account) c. Prepaid insurance 1450 Cash 1450 (To record cash paid in advance for insurance) d. Accounts payable 400 Cash 400 (To record payment on account) e. Insurance expense 300 Prepaid insurance 300 (To record insurance expense) f. Cash 1600 Unearned revenue 1600 (To record cash received for services to be performed) g. Land 9000 Cash 9000 (To record land purchased for cash) h. Supplies 350 Cash 350 (To record supplies purchased for cash) Transaction Assets = Liabilities + Equity Revenue - Expenses = Net Income Statement of Cash Flow a. 8200 = + 8200 8200 - = 8200 b. 5600 = + - = 5600 OA -5600 = + - = c. 1450 = + - = -1450 = + - = -1450 OA d. -400 = -400 + - = -400 OA e. -300 = + -300 - 300 = -300 f. 1600 = 1600 + - = 1600 OA g. 9000 = + - = -9000 = + - = -9000 IA h. 350 = + - = -350 = + - = -350 OA Total 9100 = 1200 + 7900 8200 - 300 = 7900 -4000 NC

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