On December 1st, Harry P. Inc. provides $2,800 in services to clients.
(a) Journalize this event as if the clients had paid cash at the time the services were rendered.
(b) Journalize this event as if the clients had placed this on account.
(c) Assume that the clients paid $1,200 of the amount on account on December 30th. Journalize this transaction.
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Instructions: Assignment: Prepare Journal entries for each question below: Question 1. On December 1st, Harry P. Inc. provides $2,800 in services to clients. (a) Journalize this event as if the clients had paid cash at the time the services were rendered. (b) Journalize this event as if the clients had placed this on account. (c) Assume that the clients paid $1,200 of the amount on account on December 30th. Journalize this transaction. Question 2. Harry P. Inc. has an one-year insurance policy was purchased on oct 1, 2019 for $4,200. The adjusting entry on Dec 31, 2019 would be: Question 3. Harry P. Inc. has a payroll of $8,000 for a five-day work week. Its employees are paid each Friday for the five-day workweek. The adjusting entry on Dec 31, 2019 assuming the year ends on Thursday