• Record adjusting entry for prepaid insurance.

Note: Enter debits before credits.

Date	General Journal	Debit	Credit
Dec. 31

Problem 13-31A (Algo) Recording adjusting entries in general journal format LO 13-2

Each of the following independent events requires a year-end adjusting entry.

1. Paid $9,100 cash in advance on July 1 for a one-year lease on office space.
2. Purchased $3,700 of supplies on account on April 15. At year-end, $320 of supplies remained on hand.
3. Received a $10,700 cash advance on July 1 for a contract to provide services for one year beginning immediately.
4. Paid $4,500 cash in advance on February 1 for a one-year insurance policy.

Required 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. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Date	Account Titles	Debit	Credit
July 1	Prepaid rent	9,100
	Cash		9,100
Dec. 31	Rent Expense (9,100 6/12)	4,550
	Prepaid rent		4,550