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Record the initial and subsequent transaction

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Question - Record the initial and subsequent transaction for each of the following independent situations using the numerals to group the transaction:

1. June 01: Jane's Technically Correct received $ 24,000 for a 12-month service contract. December 31: A year-end adjusting journal entry is required to update the balance.

2. January 13: Jane's Technically Correct did $ 10,000 software updates for a client. Payment will be received at the end of February. February 28: A journal entry is required to record receipt of payment.

3. November 01: Jane's Technically Correct purchased $ 7,000 office supplies on account. December 31: Jane counted the office supplies and noted that there was $ 6,000 supplies on hand. Thus, the balance needs to be updated.

4. May 01: Because of additional job contracts, Jane's Technically Correct leased a computer for $900, which represented a 5-month rental contract. October 01: Jane's Technically Correct needs to adjust the prepaid account.

Reference no: EM132539076

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