I would like to know if all is correct. Thanks
Date
Transaction
Amount
January 31
One month has passed on a pre-paid insurance policy intially worth
$12,000
$ 2,000
February 15
Company completes $7,300 of services for a client who had
previously pre-paid $10,000 in advance
7,300
February 28
Employees earn $17,000 in salary but this will not be paid until
the next pay period in March
17,000
March 15
An inventory of supplies reveals $2,350 worth has been consumed
since they were purchased
2,350
March 31
Depreciation allocated on Fixed Assets for the quarter
28,170
Journal
Date
Account
Debit
Credit
Jan 31
Insurance Expense
$ 2,000
Prepaid Insurance
$ 2,000
Used one month of 6-month $12,000 pre-paid policy
February 15
Account
Receivable
$ 10,000
Service
Revenue
$ 10,000
February 28
Salary Expense
$ 17,000
Salary
Payable
$ 17,000
March 15
Supplies
Expense
$ 2,300
Supplies
$ 2,300
March 31
Depreciation Expense
$ 28,170
Accumulated Depreciation
$ 28,170