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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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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#12

1st Journal Entry: Record supplies purchase on account.

2nd: Record adjusting entry for supplies expenses.

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
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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