Business, 08.02.2021 20:50 jess7kids98

Garcia Company had the following selected transactions during the year. Jan. 1 The company paid $8,800 cash for 12 months of insurance coverage beginning immediately. Aug 1 The company received $6,600 cash in advance for 6 months of contracted services beginning on August 1 and ending on January 31. Dec. 31 The company prepared any necessary year-end adjusting entries related to insurance coverage and services performed. a. Record journal entries for these transactions assuming Garcia follows the usual practice of recording a prepayment of an expense in an asset account and recording a prepayment of revenue received in a liability account.

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Garcia Company had the following selected transactions during the year. Jan. 1 The company paid $8,8...