Recording adjusting entries in general journal format

Each of the following independent events requires a year-end adjusting entry. Record each event and the related adjusting entry in general journal format. The first event is recorded as an example. Assume a December 31 closing date.

a. Paid $8,400 cash in advance on October 1 for a one-year lease on office space.
b. Purchased $1,600 of supplies on account on June 15. At year end, $200 of supplies remained on hand.
c. Received a $4,800 cash advance on September 1 for a contract to provide services for one year beginning immediately..
d. Paid $4,800 cash in advance on May 1 for a one-year insurancepolicy.

  • CreatedOctober 12, 2013
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