Question

a. Performed $8,200 of services on account. b. Collected $5,600 cash on accounts receivable. c. Paid $1,450 cash in advance for an insurance policy. d. Paid $400 on accounts payable. e. Recorded the adjusting entry to recognize $300 of insurance expense. f. Received $1,600 cash for services to be performed at a later date. g. Purchased land for $9,000 cash. h. Purchased supplies for $350 cash. Required Record each of the above transactions in general journal form and then show the effect of the transaction in a horizontal statements model. The first transaction is shown as an example. Debit Credit Transaction Account Titles Accounts receivable 8,200 Service revenue 8,200 Complete this question by entering your answers in the tabs below. Horizontal General Statements Journal Model Record each of the above transactions in general journal form. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list

Answer 1

Transaction	Account Titles	Debit	Credit
a)	Accounts Receivable	$8,200
	Service Revenue		$8,200
	(To record the services provided on account)
b)	Cash	$5,600
	Accounts Receivable		$5,600
	(To record the coleection of cash on accounts receivable)
c)	Prepaid Insurance	$1,450
	Cash		$1,450
	(To record cash prepaid for insurance)
d)	Accounts Payable	$400
	Cash		$400
	(To record the payment to accounts)
e)	Insurance Expense	$300
	Prepaid Insurance		$300
	(To record the adjustment for prepaid insurance)
f)	Cash	$1,600
	Unearned Service Revenue		$1,600
	(To record the receipt of cash for services to be performed in future)
g)	Land	$9,000
	Cash		$9,000
	(To record the purchase of land by cash
h)	Supplies	$350
	Cash		$350
	(To record the purchase of supplies by cash)