Below are four transactions that were completed during 2020 byGrand Rapids Moving Company. The annual accounting periodends on December 31. Provide the December 31, 2020 adjustingentries required for Grand Rapids Moving.

A. On July 1, 2020, Grand RapidsMoving paid a three-year insurance premium for a policy on itsfacilities in the amount of $6,000. This transaction wasrecorded with a debit to an asset account.

B. On December 31, 2020 acustomer who had just been moved by Grand Rapids Moving had notpaid the fee of $1000.

C. On October 1, 2020,Grand Rapids Moving borrowed $50,000 cash and gave a one-year, 12percent, note payable. The total interest is payable on the duedate, September 30, 2021.

D. On July 1, 2020, Grand RapidsMoving collected $4,000 for moving services to be provided everymonth for one year in advance. The $4,000 collection was recordedwith a credit to a liability account.

Answer rating: 100% (QA)

Date A B C D Account titles and explanation Insurance expenses Account receivable Debit 500000 Pre... View the full answer