Using the Form Below, Record Each of the Following 2013

question 114

Essay

Using the form below, record each of the following 2013 transactions for Morris Corporation:
a) Nov. 1. Received cash from clients for services to be performed over the next six months, $6,000.
b) Nov. 1. Paid $600 for a 12-month insurance policy.
c) Dec. 31. Recorded expiration of two months of the insurance.
d) Dec. 31. Earned $2,000 of the amount received from clients in November.

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Definitions:

Transverses Abdominis

A muscle layer of the anterior and lateral abdominal walls which is deep to (beneath) the internal oblique muscle.

Internal Oblique

A muscle within the abdominal wall that acts in trunk rotation and lateral flexion, also aiding in respiration.

Transversus Thoracis

A muscle within the chest that plays a role in the movement of the thoracic cage.

External Intercostals

The external intercostal muscles are located between the ribs and help with the mechanics of breathing by elevating the ribs during inhalation.