Prepare Journal Entries to Record the Following Transactions

question 83

Essay

Prepare journal entries to record the following transactions:
(a.) Purchased $3,500 of supplies on account.
(b.) Paid $4,800 for a two-year insurance policy.
(c.) Performed a service and immediately collected $600.
(d.) Paid the monthly utility bill, $200.
(e.) Paid one-half of the amount owed for the supplies purchased in (a) above.
(f.) Performed a service and billed the customer $800.
(g.) Borrowed $1,000 by signing a note payable.
(h.) Received the amount owed from the customer of (f) above.

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Definitions:

Methadone

A synthetic opioid used for pain management and as part of medication-assisted treatment to reduce withdrawal symptoms and cravings in people with opioid use disorder.

Codeine

An opiate used to treat pain or cough, and it is known for its analgesic effects.

FLACC Scale

A behavioral pain assessment tool used primarily for children, evaluating their pain levels based on five criteria: Face, Legs, Activity, Cry, and Consolability.

Preverbal Child

A child who is in the developmental stage before acquiring the ability to use or understand spoken language.