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OLH5 IULIS. 1) Prepaid professional liability insurance was purchased for $3,200 on December 1, 20X1, and provides insurance

Prepare monthly adjusting journal entries for January 20X2 for the following items:

Prepare monthly adjusting journal entries for January 20X2 for the following items:
b) Post the transactions recorded in part in the general ledger which follows General Ledger Cash Accounts receivable Date De
General Ledger (continued) Dane Uneamed cent service revenue Debit Credit 18.000 Dc 0Bal 18.000 D101 Bal Nespavable Debit Cre
General Ledger (continued) Rent expense Debit Credit Income tax expense Debit Credit Dr. (Cr.) Bal. Date Dr. (Cr.) Bal. Incom
0 0
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Answer #1
S.no. Particulars Dr. Amount Cr. Amount
1) Insurance Expense Dr. 800
Prepaid Insurance Cr. 800
(Insurance = 3200/4)
2) Rent Expense Dr. 5000
Prepaid Rent Cr. 5000
(Rent = 30000/6)
3) Depreciation Expense: Equipment Dr. 1000
Accumulated Depreciation: Equipment Cr. 1000
[Depreciation = (100000-4000)/(8*12)]
4) Interest Expense Dr. 400
Interest Payable Cr. 400
(Interest = 80000*6%*1/12)
5) Cash Dr. 20000
Notes Payable Cr. 20000
Interest Expense Dr. 97
Interest Payable Cr. 97
(Interest = 20000*6%*1/12*30/31)
6) Unearned Client Service Revenue Dr. 17000
Client Service Revenue Cr. 17000
7) Office Supplies Dr. 1000
Cash Cr. 1000
(Balance of office supplies on Dec 31st is 4000, so additional 1000 worth entered)
8) Cannot be calculated because of partial information.
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