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Record each event and the related adjusting entry

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Question - Each of the following independent events requires a year-end adjusting entry.

a. Paid $9,200 cash in advance on July 1 for a one-year lease on office space.

b. Purchased $3,700 of supplies on account on April 15. At year-end, $280 of supplies remained on hand.

c. Received a $10,000 cash advance on July 1 for a contract to provide services for one year beginning immediately.

d. Paid $3,300 cash in advance on February 1 for a one-year insurance policy.

Required - Record each event and the related adjusting entry in general journal format. The first event is recorded as an example. Assume a December 31 closing date.

Reference no: EM133166908

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