Prepare original and adjusting journal entres for payments Ouellette & Associates began operations on January 1, 2002. Its fiscal year end is Decem- ber 31, and it only prepares financial statements and adjusts its accounts annually. Selected trans- actions during 2002 follow: 1. On January 1, 2002, bought office supplies for $4,500 cash. A physical count at December 31, 2002, revealed $900 of supplies was still on hand. 2. Bought a $3,600 one-year insurance policy for cash on September 1, 2002. The policy came into effect on this date. 3. On November 15, Ouellette received a $1,200 advance cash payment from a dient for account- ing services expected to be provided in the future. As at December 31, all of these services had been performed. A On December 15, the company rented out excess office space for a six-month period starting on this date, and received a $460 cheque for the first month's rent.
Prepare original and adjusting journal entres for payments Ouellette & Associates began operations on January 1, 2002. Its fiscal year end is Decem- ber 31, and it only prepares financial statements and adjusts its accounts annually. Selected trans- actions during 2002 follow: 1. On January 1, 2002, bought office supplies for $4,500 cash. A physical count at December 31, 2002, revealed $900 of supplies was still on hand. 2. Bought a $3,600 one-year insurance policy for cash on September 1, 2002. The policy came into effect on this date. 3. On November 15, Ouellette received a $1,200 advance cash payment from a dient for account- ing services expected to be provided in the future. As at December 31, all of these services had been performed. A On December 15, the company rented out excess office space for a six-month period starting on this date, and received a $460 cheque for the first month's rent.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Prepare original and adjusting
journal entres for payments
Ouellette & Associates began operations on January 1, 2002. Its fiscal year end is Decem-
ber 31, and it only prepares financial statements and adjusts its accounts annually. Selected trans-
actions during 2002 follow:
1. On January 1, 2002, bought office supplies for $4,500 cash. A physical count at December 31,
2002, revealed $900 of supplies was still on hand.
2. Bought a $3,600 one-year insurance policy for cash on September 1, 2002. The policy came
into effect on this date.
3. On November 15, Ouellette received a $1,200 advance cash payment from a dient for account-
ing services expected to be provided in the future. As at December 31, all of these services
had been performed.
A
On December 15, the company rented out excess office space for a six-month period starting
on this date, and received a $460 cheque for the first month's rent.
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