Question

COLLEGE AME ENGAGEM niai 05/2020J HOSP 215 - S004 Englis d / My courses / Centennial 05/2020] HOSP 215-5004 / CHAPTER 6 - The Accounting Cycle: Statements and Closing Entries / Test 2.3: Ch 4-6 ut of Take me to the text Mr. Saubhagya Silbernagel operates an advertising business called Advertising General. He had the following adjustments for the month of November 2016 Nov 30 Recognized $1,250 insurance expense used for the month. Nov 30 An annual magazine subscription was prepaid on November 1, 2016 for $1,000. By November 30, one issue had been received Nov 30 Depreciation for the month is $1,100. Nov 30 Salaries for employees have accrued by $3,690 by the end of the month. Nov 30 A 30-day contract was started on November 15. The customer will pay $11,780 at the end of the contract in December. Half of the contract was completed by the end of the month. Accrue the revenue eamed by the end of November Prepare the journal entries for the above transactions Do not enter dollar signs or commas in the input boxes Round your answers to the nearest whole number Date 2016 Account Title and Explanation Debit Credit Nov 30 To record insurance expense for the month

Answer 1

Date	Accounts Title	Debit	Credit
Nov 30	Insurance Expense a/c	1250
	Prepaid Insurance a/c		1250
Nov 30	Annual Magazine Expense a/c	83
	Prepaid Annual Magazine a/c		83
Nov 30	Depreciation a/c	1100
	Accumulated Depreciation		1100
Nov 30	Salary Expense a/c	3690
	Salary Payable a/c		3690
Nov 30	Service Revenue a/c	5890
	Accrued Revenue a/c		5890