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Adjusting entry for the end of the year. Question 1 and 3 ...

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Accounting

imageAdjusting entry for the end of the year. Question 1 and 3
Insuranie exp c ajh l Information: 1 On November 1, 2016, Bailey, Inc. purchased a 6-month fire insurance policy, paying a premium o hich began on that same date. The transaction was recorded as a debit to prepaid insurance on that date. Bailey completed services for Apex, Inc. during December, 2017. The invoice for $2,100 was prepared, recorded and sent to the customer on January 4, 2018 A K senc 2 mants 3 On October 1, 2016, Bailey signed a contract to provide services to Minion, Inc. for a 2-year period beginning on that date. Minion paid the entire contract price of $2,160 in advance on that date. Bailey recorded the advance payment as unearned revenue at that time. unau Bailey received the utlity il for the month of December 2017 on lanuary 8, 2018,in the amount of $360. The invocie will be paid and recorded by Bailey on January 12, 2018. ly s on May 1, 2017, the fire insurance policy was renewed for a term of 2 years, beginning on that dateL 6 On February 1, 2016, Bailey borrowed $9,000 from a local bank by signing a note payable. The note requires annual payment of principal, in the amount of $2,000, and interest at the rate of 8% per year

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