Record each of the transactions in general journal form, and then show the effect of the transaction
Question:
Record each of the transactions in general journal form, and then show the effect of the transaction in a horizontal statement model.
a. | Made $29,400 of services on account. |
b. | Collected $17,500 in cash in accounts receivable. |
C. | He paid $4,400 in cash upfront for an insurance policy. |
d. | He paid $570 in accounts payable. |
e. | Recorded the adjusting entry to recognize $3,700 of insurance expense. |
F. | You recorded the adjusting entry to recognize earned interest income of $300. |
g. | Received $9,500 cash for services to be performed at a later date. |
H. | Land purchased for $1,560 in cash. |
i. | Purchased supplies for $1,800 in cash. |
Required |
Record each of the above transactions in general journal form, and then show the effect of the transaction in a horizontal statement model. The first transaction is shown as an example. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) |
Transaction | account titles | Debit | Credit |
a | accounts receivable | 29,400 | |
Service revenues | 29,400 | ||
Show the effect of the transaction in a model of horizontal statements. The first transaction is shown as an example. (In the Cash Flow column, use OA to designate operating activity, IA for investing activity, FA for financing activity, NC for net change in cash, and NA to indicate that the item is not affected by the (Enter any decrease in account balances with a minus sign.) |
asset | Passives | equity | revenue | bills | grand income | cash flow statement |
Fundamental financial accounting concepts
ISBN: 978-0078025365
8th edition
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward