part 1

part 2

Exercise 3.50 (Algorithmic) Prepayment or expenses JOM Inc made the following prepayments for expense tems during 2012 Prepaid building rent for 1 year on April 1 by paying $5.964, reparant was debited for the amount paid b. Prepaid 12 month insurance on October 1 by saying 15,136 Prepaid insurance was debited Purchased $5.360 of office supplies on October 15, debiting wobles for the full amount There were no more polls on hand as of October 15. Omos supplies con 1.095 remain used to creber 31 2010 d. Paid $528 for a 12 month service contract for repair and maintenance on a computer. The contract begins November 1. The amount of the payment was debited to repairs and muntenance Required: 1. Prepare yournal entries to record the payment of cash for each transaction April 1 Prepaid Rent Cash (Record prepayment for rent Oct. 1 Prepaid Insurance MI (Record the propament or insurance) O 15 Supplies 15.50 (Record the purchase of supplies) 531 Nov 1 Prepaid Hepairs and Maintenance Cash (Record prepayment of repairs and maintenance) 528