a. Performed $25,000 of services on account. b. Collected $17,300 cash on accounts receivable. c. Paid...
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a. Performed $25,000 of services on account. b. Collected $17,300 cash on accounts receivable. c. Paid $5,700 cash in advance for an insurance policy. d. Paid $1,090 on accounts payable. e. Recorded the adjusting entry to recognize $3,200 of insurance expense. f. Received $7,700 cash for services to be performed at a later date. g. Purchased land for $1,450 cash. h. Purchased supplies for $1,300 cash. Required Record each of the above transactions in general journal form and then show the effect of the transaction in a horizontal statements model. The first transaction is shown as an example. Transaction Account Titles a Accounts receivable Service revenue Debit 25,000 Credit 25,000 Complete this question by entering your answers in the tabs below. General Journal Horizontal Statements Model Show the effect of the transaction in a horizontal statements model. The first transaction is shown as an example. Note: Enter any decreases to account balances and cash outflows with a minus sign. In the Statement of Cash Flows column, use OA to designate operating activity, IA for investment activity, FA for financing activity, and NC for net change in cash. Not all cells require input. Balance Sheet Income Statement Transaction Assets Liabilities Stockholders' Equity Statement of Cash Flows Revenue Expenses Net Income 25,000 = 25,000 25,000 25,000 . b1. b2. c1. c2. d. e. f. Total g1. g2. h1. h2. < General Journal Horizontal Statements Model > a. Performed $25,000 of services on account. b. Collected $17,300 cash on accounts receivable. c. Paid $5,700 cash in advance for an insurance policy. d. Paid $1,090 on accounts payable. e. Recorded the adjusting entry to recognize $3,200 of insurance expense. f. Received $7,700 cash for services to be performed at a later date. g. Purchased land for $1,450 cash. h. Purchased supplies for $1,300 cash. Required Record each of the above transactions in general journal form and then show the effect of the transaction in a horizontal statements model. The first transaction is shown as an example. Transaction Account Titles a Accounts receivable Service revenue Debit 25,000 Credit 25,000 Complete this question by entering your answers in the tabs below. General Journal Horizontal Statements Model Show the effect of the transaction in a horizontal statements model. The first transaction is shown as an example. Note: Enter any decreases to account balances and cash outflows with a minus sign. In the Statement of Cash Flows column, use OA to designate operating activity, IA for investment activity, FA for financing activity, and NC for net change in cash. Not all cells require input. Balance Sheet Income Statement Transaction Assets Liabilities Stockholders' Equity Statement of Cash Flows Revenue Expenses Net Income 25,000 = 25,000 25,000 25,000 . b1. b2. c1. c2. d. e. f. Total g1. g2. h1. h2. < General Journal Horizontal Statements Model >
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