Recording events in the general journal and the effect on financial statements
Required
Record each of the following transactions in general journal form and then show the effect of the | transaction in the horizontal statements model. The first transaction is shown as an example.
Account Title | Debit | Credit |
Cash | 8,000 |
|
Unearned Revenue |
| 8,000 |
a. Received $8,000 cash for services to be performed at a later date.
b. Purchased supplies for $1,200 cash.
c. Performed $25,000 worth of services on account.
d. Charged $1,500 on account for operating expense.
e. Collected $19,000 cash on accounts receivable.
f. Paid $900 on accounts payable.
g. Paid $4,800 cash in advance for an insurance policy.
h. Recorded the adjusting entry to recognize $3,600 of insurance expense.
i. Recorded the adjusting entry to recognize $300 of accrued interest revenue.
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