Question

Description Debit Account Credit Account Receive invoice to pre-pay insurance premium for 1 year Prepaids Cash...

Description

Debit Account

Credit Account
  1. Receive invoice to pre-pay insurance premium for 1 year

Prepaids

Cash
  1. Amortise 1-month of above prepaid insurance

Insurance expense

Prepaids
  1. Issue invoice to resident for current month billing

  1. Receive cheque from above resident for payment of invoice & deposit to bank

  1. Receive invoice to buy equipment that was delivered

  1. Pay invoice by cheque for the above equipment

  1. Record depreciation of above equipment

  1. Receive cash donations for general use

  1. Record initial set up of a petty cash fund

  1. Ministry of Health & Long-term Care revenue payment subsidy received (not in Accounts Receivable)

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