I need help journalizing the following entries: 12-11 Rocket Corp provided a Gol

Question

I need help journalizing the following entries:

12-11 Rocket Corp provided a Golf Seminar for the Nike Corp and billed Nike $50,000

12-16 Rocket Corp recevied the December Telephone Bill from SBC for $1,500 to be paid later

12-29 Rocket Corp provided services to Mr. Ricky Henderson. Mr. Henderson paid cash in the amount of $10,000 for those services.

For these next two, I need help with journalizing adjusting entries:

12-31 Rocket Corp recorded one month of insurance expense from the prepaid insurance account.(side note: paid $12,000 in cash)

12-31 Rocket Corp recorded one month of insurance expense from the prepaid insurance account.(side note: purchased furniture for $50,000 and purchased computer equipment for $18,000)

Explanation / Answer

I need help journalizing the following entries: 12-11 Rocket Corp provided a Golf Seminar for the Nike Corp and billed Nike $50,000 Accounts receivable $ 50,000 Service revenue $50,000 12-16 Rocket Corp recevied the December Telephone Bill from SBC for $1,500 to be paid later Telephone expense $1,500 Telephone expense payable $1,500 12-29 Rocket Corp provided services to Mr. Ricky Henderson. Mr. Henderson paid cash in the amount of $10,000 for those services. Cash $10,000 Service revenue $10,000 For these next two, I need help with journalizing adjusting entries: 12-31 Rocket Corp recorded one month of insurance expense from the prepaid insurance account.(side note: paid $12,000 in cash) Insurance expense $12,000 Prepaid Insurance expense $12,000 12-31 Rocket Corp recorded one month of insurance expense from the prepaid insurance account.(side note: purchased furniture for $50,000 and purchased computer equipment for $18,000) Insurance entry made above. For purchase of furniture and computer –entry will be Furniture $50,000 Office equipment –computers $ 18,000 Cash $68,000

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