Reference no: EM132688641

1) purchased one year insurance policy for $4740 to be paid in monthly instalments. Paid the first month's premium.

2) completed services for a two customers and billed them a total of $4500.

3) paid $1000 for the supplies purchased on account on November 6.

4) the telephone bill for November was $220. It will be paid in December.

5) received $750 cash advance from a customers for services to be provided in December.

6) collected $2800 from one of the customers billed on November 20.

7) paid Sony Ltd. for a new sound system for Haakon home $1150 cash.

Problem 1: Prepare journal entries