Reference no: EM132829826
Question - At Crane Company, prepayments are debited to expense when paid, and unearned revenues are credited to revenue when cash is received. During January of the current year, the following transactions occurred.
Jan. 2 Paid $3,480 for fire insurance protection for the year.
Jan. 10 Paid $2,500 for supplies.
Jan. 15 Received $5,500 for services to be performed in the future.
On January 31, it is determined that $3,000 of the services were performed and that there are $600 of supplies on hand.
A. Journalize and post the January transactions. (Use T-accounts.)
B. Post entries in the order of journal entries presented above.
C. Journalize and post the adjusting entries at January 31.
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