a. Performed $27,000 of services on account. b. Collected $19,100 cash on accounts receivable. c. Paid...

 

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a. Performed $27,000 of services on account. b. Collected $19,100 cash on accounts receivable. c. Paid $5,200 cash in advance for an Insurance policy. d. Paid $810 on accounts payable. e. Recorded the adjusting entry to recognize $3,000 of Insurance expense. f. Received $11,100 cash for services to be performed at a later date. g. Purchased land for $890 cash. h. Purchased supplies for $1,500 cash. Required Record each of the preceding 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 Title Accounts receivable Service revenue Debit 27,000 Credit 27,000 Complete this question by entering your answers in the tabs below. 8 7 Journal entry worksheet 1 2 3 4 5 Collected $19,100 cash on accounts receivable. Note: Enter debits before credits. Transaction b General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 6 Paid $5,200 cash in advance for an insurance policy. Note: Enter debits before credits. Transaction 7 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 Paid $810 on accounts payable. 10 6 7 Note: Enter debits before credits. Transaction d General Journal Debit Credit Record entry Clear entry View general Journal Journal entry worksheet < 1 2 3 4 10 5 8 7 Recorded the adjusting entry to recognize $3,000 of insurance expense. Note: Enter debits before credits. Transaction e General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 7 Received $11,100 cash for services to be performed at a later date. Note: Enter debits before credits. Transaction f General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 Purchased land for $890 cash. 5 8 7 Note: Enter debits before credits. Transaction General Journal Debit Credit g Record entry Clear entry View general journal Journal entry worksheet <12345 Purchased supplies for $1,500 cash. Note: Enter debits before credits. Transaction 8 7 General Journal Debit Credit Record entry Clear entry View general journal Show the effect of the transaction in a horizontal statements model. The first transaction is shown as an example. (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.) Transaction Assets a. 27,000 b. Total C. Balance Sheet = Liabilities + Stk. Equity Revenue d. e. f. = = g h. + + + + 27,000 27,000 = 27,000 Income Statement Statement of Cash Flows Expenses Net Income 27,000- 27,000 27,000 0 27,000 < General Journal Horizontal Statements Model > a. Performed $27,000 of services on account. b. Collected $19,100 cash on accounts receivable. c. Paid $5,200 cash in advance for an Insurance policy. d. Paid $810 on accounts payable. e. Recorded the adjusting entry to recognize $3,000 of Insurance expense. f. Received $11,100 cash for services to be performed at a later date. g. Purchased land for $890 cash. h. Purchased supplies for $1,500 cash. Required Record each of the preceding 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 Title Accounts receivable Service revenue Debit 27,000 Credit 27,000 Complete this question by entering your answers in the tabs below. 8 7 Journal entry worksheet 1 2 3 4 5 Collected $19,100 cash on accounts receivable. Note: Enter debits before credits. Transaction b General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 6 Paid $5,200 cash in advance for an insurance policy. Note: Enter debits before credits. Transaction 7 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 Paid $810 on accounts payable. 10 6 7 Note: Enter debits before credits. Transaction d General Journal Debit Credit Record entry Clear entry View general Journal Journal entry worksheet < 1 2 3 4 10 5 8 7 Recorded the adjusting entry to recognize $3,000 of insurance expense. Note: Enter debits before credits. Transaction e General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 7 Received $11,100 cash for services to be performed at a later date. Note: Enter debits before credits. Transaction f General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 Purchased land for $890 cash. 5 8 7 Note: Enter debits before credits. Transaction General Journal Debit Credit g Record entry Clear entry View general journal Journal entry worksheet <12345 Purchased supplies for $1,500 cash. Note: Enter debits before credits. Transaction 8 7 General Journal Debit Credit Record entry Clear entry View general journal Show the effect of the transaction in a horizontal statements model. The first transaction is shown as an example. (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.) Transaction Assets a. 27,000 b. Total C. Balance Sheet = Liabilities + Stk. Equity Revenue d. e. f. = = g h. + + + + 27,000 27,000 = 27,000 Income Statement Statement of Cash Flows Expenses Net Income 27,000- 27,000 27,000 0 27,000 < General Journal Horizontal Statements Model >

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