Question

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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 . Paid $4,800 cash in advance on May 1 for a one-year insurance policy.
c . Purchased $1,600 of supplies on account on June 15. At year end, $200 of supplies remained on hand.
d. Received a $4,800 cash advance on September 1 for a contract to provide services for one year beginning immediately..


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  • CreatedApril 20, 2015
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