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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.

Accounting Basics, Accounting

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  • Reference No.:- M945556

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