Reference no: EM132470989
The following are a list of transactions for the ABC Inc.:
Point 1: Paid $ 12,000 in cash for a 6 month insurance policy in advance.
Point 2: Amortize one (1) month's of insurance from item .
Point 3: Received $10,000 for balances due upon account.
Point 4: Hired a manager at a salary of $ 4,500 per month.
Point 5: Paid auto expenses in cash for $ 4,000.
Point 6: Purchased a new truck for $ 15,000 on account (long-term note).
Point 6: Received $ 8,000 as an advanced deposit for future services.
REQUIRED:
Question 1: Prepare the appropriate journal entry for each of the above transactions.
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