Homework Answers
| Date | Debit | Amount in $ | Date | Credit | Amount in $ |
| CASH ACCOUNT | |||||
| Jan 2 | Unearned Revenue | 10400 | Jan 10 | Supplies | 4900 |
| Jan 31 | Service Revenue | 3080 | Jan 2 | Insurance Expense | 3540 |
| Jan 31 | Closing Balance | 5040 | |||
| 13480 | 13480 | ||||
| SUPPLIES ACCOUNT | |||||
| Jan 10 | Cash | 4900 | Supplies Expense | 2350 | |
| Jan 31 | Closing Balance (given) | 2550 | |||
| 4900 | 4900 | ||||
| SUPPLIES EXPENSE ACCOUNT | |||||
| Supplies | 2350 | Profit & Loss Account (Expense for the year transferred) | 2350 | ||
| 2350 | 2350 | ||||
| PREPAID INSURANCE | |||||
| INSURANCE EXPENSE | |||||
| Jan 2 | Cash | 3540 | Jan 31 | Prepaid Insurance | 3245 |
| Jan 31 | Profit & Loss Account (Expense for the year transferred) | 295 | |||
| 3540 | 3540 | ||||
| UNEARNED REVENUE | |||||
| Jan 31 | Closing Balance | 10400 | Jan 2 | Cash | 10400 |
| 10400 | 10400 | ||||
| SERVICE REVENUE | |||||
| Jan 31 | Profit & Loss Account (Income for the year transferred) | 3080 | Jan 31 | Cash- service revenue earned for the month | 3080 |
| 3080 | 3080 |
Calculation for Prepaid Expense:-
Insurance payment for the year= 3540
Therefore insurance expense for 1 month = 3540/12
Insurance for the month of Jan = 295
Hence prepaid insurance = 3540-295
= 3245
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cash, supplies, prepaid insurance not correct answer
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