Homework Answers
| Answer | |||||
|
a |
Date | Particulars | Debit | Credit | |
| 1 | Jan-01 | Prepaid insurance | $ 8,000 | ||
| Cash | $ 8,000 | ||||
| (To record insurance payment) | |||||
| 2 | Aug-01 | Cash | $ 5,400 | ||
| Unearned Revenue | $ 5,400 | ||||
| To record advance recived for service to be provided) | |||||
| 3 | Dec-31 | Insurance expense | $ 8,000 | ||
| Prepaid insurance | $ 8,000 | ||||
| (Adjusting entry to recognise insurance expenses recorded) | |||||
| 4 | Dec-31 | Unearned Revenue | $ 4,500 | 5400*5/6 | |
| Revenue | $ 4,500 | ||||
| Adjusting entry to recognise service revenue recorded) | |||||
| b | |||||
| 1 | Jan-01 | Insurance expense | $ 8,000 | ||
| Cash | $ 8,000 | ||||
| (To record payment of insurance) | |||||
| 2 | Aug-01 | Cash | $ 5,400 | ||
| Revenue | $ 5,400 | ||||
| (To record cash received) | |||||
| 3 | Dec-31 | No journal entry required | |||
| 4 | Dec-31 | Revenue | $ 900 | 5400*1/6 | |
| Unearned Revenue | $ 900 | ||||
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