View transaction list Journal entry worksheet < 1 2 3 4 5 6 Record supplies purchase on account. Note: Enter debits before credits. General Journal Date Apr. 15 Record entry Debit Credit View general journal
View transaction list Journal entry worksheet < 1 2 3 4 5 6 Record supplies purchase on account. Note: Enter debits before credits. General Journal Date Apr. 15 Record entry Debit Credit View general journal
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
#12
1st
2nd: Record
3rd: Record cash received in advance for services to be provided.
4th:
5th:
6th: Record adjusting entry for prepaid insurance.
4th: Record adjusting entry for unearned revenue.
5th: Record cash paid in advance for a one-year insurance policy.
6th:
![Each of the following independent events requires a year-end adjusting entry.
a. Paid $9,100 cash in advance on July 1 for a one-year lease on office space.
b. Purchased $3,100 of supplies on account on April 15. At year-end, $320 of supplies remained on hand.
c. Received a $8,700 cash advance on July 1 for a contract to provide services for one year beginning immediately.
d. Paid $4,400 cash in advance on February 1 for a one-year Insurance policy.
Required
Record each event and the related adjusting entry in general Journal format. The first event is recorded as an example.
Assume a December 31 closing date. (Do not round intermediate calculations. Round your final answer to the
nearest whole dollar. If no entry is required for a transaction/event, select "No journal entry required" in the first
account field.)
Date
July 1
December
31
Account Titles
Prepaid rent
Cash
Rent expense (9,100 x
6/12)
Prepaid rent
View transaction list
Journal entry worksheet
Date
Apr. 15
1 2 3 4 5 6
Record supplies purchase on account.
Note: Enter debits before credits.
General Journal
Record entry
Debit Credit
9,100
9,100
4,550
Clear entry
4,550
Debit Credit
View general journal](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbf3d27b8-9870-4dd6-91a1-e79db3e1a9b0%2F89f7c694-2035-48e4-b9c4-4303ede88d3e%2Fyyskx4s_processed.png&w=3840&q=75)
Transcribed Image Text:Each of the following independent events requires a year-end adjusting entry.
a. Paid $9,100 cash in advance on July 1 for a one-year lease on office space.
b. Purchased $3,100 of supplies on account on April 15. At year-end, $320 of supplies remained on hand.
c. Received a $8,700 cash advance on July 1 for a contract to provide services for one year beginning immediately.
d. Paid $4,400 cash in advance on February 1 for a one-year Insurance policy.
Required
Record each event and the related adjusting entry in general Journal format. The first event is recorded as an example.
Assume a December 31 closing date. (Do not round intermediate calculations. Round your final answer to the
nearest whole dollar. If no entry is required for a transaction/event, select "No journal entry required" in the first
account field.)
Date
July 1
December
31
Account Titles
Prepaid rent
Cash
Rent expense (9,100 x
6/12)
Prepaid rent
View transaction list
Journal entry worksheet
Date
Apr. 15
1 2 3 4 5 6
Record supplies purchase on account.
Note: Enter debits before credits.
General Journal
Record entry
Debit Credit
9,100
9,100
4,550
Clear entry
4,550
Debit Credit
View general journal
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