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Jan. 1 Prepaid insurance for January through March, $300
4 Performed service (gave golf lessons) on account, $2,200
5 purchased equipment on account, $1,900
8 paid property tax expense, $450
11 purchased office equipment for cahs, $800
19 performed service and received cahs, $700
24 collected $400 on account
26 paid account payable from january 5
29 paid salary expense, $900
31 recorded adjusting entry for January insruance expense (see Jan. 1)
31 debited unearned revenue and credited revenue to adjust the accounts, $600

Show how each transaction woudl be handled using the accrual basis of accounting. Give the amount of revenue or exepnse for January. JOurnal entries are not required.

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  • Category:- Accounting Basics
  • Reference No.:- M945556

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