Business, 12.02.2020 00:29 alexwlodko

Garcia Company had the following selected transactions during the year.
Jan. 1 The company paid $6,400 cash for 12 months of insurance coverage beginning immediately.
Aug 1 The company received $3,000 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 pre-payment of an expense in an asset account and recording a prepayment of revenue received in a liability account.
Garcia Company had the following selected transactions during the year.
B. Record journal entries for these transactions assuming Garcia follows the alternative practice of recording a pre-payment of an expense in an expense account and recording a prepayment of revenue received in a revenue account.

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Garcia Company had the following selected transactions during the year.
Jan. 1 The company pa...

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