The following activity occurred during the month of July 2022. Set up or create additional preferences...

 

Transcribed Image Text:

The following activity occurred during the month of July 2022. Set up or create additional preferences and files when needed and record the following transactions in the appropriate windows. 2 Jul 2 Received a six-month insurance policy renewal from General Insurance Co. for $1,200, paid immediately, Check No. 72. Jen recorded the first six-month policy as Insurance Expense, but you think it is better to record the second six-month policy as Prepaid Insurance on payment, and then adjust it at the end of each month. Received a six-month advertising renewal from Ray Vill Advertising Agency for $900, paid immediately, Check No. 73. Jen also recorded the previous advertising as Advertising Expense, but like the insurance policy, you will record it as Prepaid Advertising on payment and then adjust it at the end of each month. Jul 2 Jul 2 Recommended to the owner, Jen Beck, that she put some of the cash into a Money Market account that will earn interest. Jen agrees. Create the general ledger account 1030 Money Market and transfer $7,000 into the account. Jul 3 Purchased $500 of office supplies on account from the Office Supply Store, Invoice No. 285, Net 30 Days. Jen previously recorded this type of purchase as Supplies Expense, but you record it in the asset account Office Supplies. <<<Jul 3 Purchased 25 cans of tennis balls from Sporting Goods, Inc., at $2 per can, paid immediately, Check No. 74. Jul 4 Provided 2 hours of tennis lessons (owner) at $25 each and 2 hours of tennis court services at $30 each on account to the Davis Family, Invoice No. 1150, Net 30 Days. The following activity occurred during the month of July 2022. Set up or create additional preferences and files when needed and record the following transactions in the appropriate windows. 2 Jul 2 Received a six-month insurance policy renewal from General Insurance Co. for $1,200, paid immediately, Check No. 72. Jen recorded the first six-month policy as Insurance Expense, but you think it is better to record the second six-month policy as Prepaid Insurance on payment, and then adjust it at the end of each month. Received a six-month advertising renewal from Ray Vill Advertising Agency for $900, paid immediately, Check No. 73. Jen also recorded the previous advertising as Advertising Expense, but like the insurance policy, you will record it as Prepaid Advertising on payment and then adjust it at the end of each month. Jul 2 Jul 2 Recommended to the owner, Jen Beck, that she put some of the cash into a Money Market account that will earn interest. Jen agrees. Create the general ledger account 1030 Money Market and transfer $7,000 into the account. Jul 3 Purchased $500 of office supplies on account from the Office Supply Store, Invoice No. 285, Net 30 Days. Jen previously recorded this type of purchase as Supplies Expense, but you record it in the asset account Office Supplies. <<<Jul 3 Purchased 25 cans of tennis balls from Sporting Goods, Inc., at $2 per can, paid immediately, Check No. 74. Jul 4 Provided 2 hours of tennis lessons (owner) at $25 each and 2 hours of tennis court services at $30 each on account to the Davis Family, Invoice No. 1150, Net 30 Days.

Answer rating: 100% (QA)

1 Journal Entries Date Jul2 Jul2 Jul2 Jul3 Jul3 Jul4 Debit 1200 Credit 1200 900 7000 500 50 80 900 7... View the full answer