Theatre Dupuis | |||||
Original Journal entries | |||||
No. | Date | Account | Debit | Credit | Calculation |
1 | 31-Jan-17 | Supplies | $ 2,880 | ||
Cash | $ 2,880 | ||||
2 | 31-Aug-17 | Cash | $ 62,000 | =200*310 | |
Unearned Service Revenue | $ 62,000 | ||||
3 | 29-Nov-17 | Salaries expense | $ 4,500 | ||
Cash | $ 4,500 | ||||
4 | 1-Nov-17 | Cash | $ 245 | ||
Rent Revenue | $ 245 | ||||
5 | 1-Jun-17 | Cash | $ 11,000 | ||
Notes Payable | $ 11,000 | ||||
Adjusting Journal entries | |||||
1 | 30-Nov-17 | Supplies expense | $ 3,160 | =950+2,880-670 | |
Supplies | $ 3,160 | ||||
2 | 30-Nov-17 | Unearned Service Revenue | $ 24,800 | =62,000/10*3 | |
Service Revenue | $ 24,800 | Sep to Nov 3 plays | |||
3 | 30-Nov-17 | Salaries expense | $ 900 | =4,500/5 *1 | |
Salaries Payable | $ 900 | Nov 30 payroll due | |||
4 | 30-Nov-17 | Rent Receivable | $ 180 | =425-245 | |
Rent Revenue | $ 180 | ||||
5 | 30-Nov-17 | Interest expense | $ 248 | =11,000*4.5%*6/12 | |
Interest Payable | $ 248 | ||||
6 | 30-Nov-17 | Utility expense | $ 1,420 | ||
Accounts Payable | $ 1,420 | ||||
7 | 30-Nov-17 | Depreciation expense | $ 4,747 | =37,975/8 years | |
Accumulated Depreciation | $ 4,747 | ||||
Subsequent Journal entries | |||||
3 | 6-Dec-17 | Salaries Payable | $ 900 | ||
Salaries expense | $ 3,600 | =4,500-900 | |||
Cash | $ 4,500 | ||||
4 | 4-Dec-17 | Cash | $ 605 | ||
Rent Receivable | $ 180 | ||||
Unearned Rent Revenue | $ 425 | ||||
6 | 10-Dec-17 | Accounts Payable | $ 1,420 | ||
Cash | $ 1,420 | ||||
5 | 1-Feb-18 | Notes Payable | $ 11,000 | ||
Interest Payable | $ 248 | ||||
Interest expense | $ 83 | =11,000*4.5%*2/12 | |||
Cash | $ 11,330 |
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P3–6B The following independent items for Théâtre Dupuis during the year ended November 30, 2017, may require a transaction journal entry, an adjusting entry, or both. The company records all prepaid costs as assets and all unearned revenues as liabilities and it adjusts accounts annually. 1. Supplies on hand amounted to $950 on November 30, 2017. On January 31, 2017, additional supplies were purchased for $2,880 cash. On November 30, 2017, a physical count showed that supplies on hand amounted...
P3-6B The following independent items for Théâtre Dupuis during the year ended November 30, 2017, may Prep require a transaction journal entry, an adjusting entry, or both. The company records all prepaid costs as assets and adju all unearned revenues as liabilities and it adjusts accounts annually. (LC 1. Supplies on hand amounted to $950 on November 30, 2017. On January 31, 2017, additional supplies were purchased for $2,880 cash. On November 30, 2017, a physical count showed that supplies...
Till adjusting entries. (LO 2, 3) AP P3-6B The following independent items for Théâtre Dupuis during the year ended November 30, 2017, lay require a transaction journal entry, an adjusting entry, or both. The company records all prepaid costs as assets and all uncarned revenues as liabilities and it adjusts accounts annually. 1. Supplies on hand amounted to $950 on November 30, 2017. On January 31, 2017. additional supplies were purchased for $2,880 cash. On November 30, 2017, a physical...
H uutu Illan adjusted trial balance for a specific account will always be than the amount that was included in the trial balance for the same account." Do you agree? Why or why not more than the amount th P3-6B The following independent items for Théâtre Dupuis during the year ended November 30, 2017, may Prepare ir require a transaction journal entry, an adjusting entry, or both. The company records all prepaid costs as assets and adjusting all unearned revenues...
Dance for the same account. Do you agree? Why or why not? P3-6B The following independent items for Théâtre Dupuis during the year ended November 30, 2017, may Prepare tra require a transaction journal entry, an adjusting entry, or both. The company records all prepaid costs as assets and adjusting all unearned revenues as liabilities and it adjusts accounts annually. 1. Supplies on hand amounted to $950 on November 30, 2017. On January 31, 2017, additional supplies were (LO2,3) purchased...
- S400 of the unearned revenue remains unearned at the end of the month. remain unpaid. Instructions (a) Prepare adjusting entries for the seven items above, b) Prepare the apPpropriate subsequent cash entries if applicable. TAKING IT FURTHER "The amount included in an adjusted trial balance for a specific account will always be more than the amount that was included in the trial balance for the same account." Do you agree? Why or why not? P3-6B) The following independent items...
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I ways remain unpaid. $400 of the unearned revenue remains unearned at the end of the month. Instructions (a) Prepare adjusting entries for the seven items above, Prepare the appropriate subsequent cash entries if applicable. TAKING IT FURTH ING IT FURTHER "The amount included in an adjusted trial balance for a specific account will always be than the amount that was included in the trial balance for the same account." Do you agree? Why...
The following independent events for New Age Theatre Ltd. during the year ended November 30, 2018, require a transaction journal entry or an adjusting journal entry, or both. The company adjusts its accounts annually. 1. On June 1, 2017, the theatre purchased vehicles for $80,700 cash. The vehicles’ estimated useful life is five years and the company uses straight-line depreciation. 2. The theatre has eight plays each season. This year’s season starts in October 2018 and ends in May 2019...
Company A's business involves hosting several concerts per year. The company's year-end is December 31, 2021. The company records all prepaid costs as assets and all uneamed revenues as liabilities and adjusts accounts annually. 1. Prepaid supplies amounted to $945 on December 31, 2020. On June 10, 2021, additional supplies were purchased for $1,955 cash On December 31, 2021, a physical count showed that prepaid supplies on hand amounted to $840. 2. Purchased equipment on August 1, 2021, for $47,520...
The following independent events for New Age Theatre Ltd. during the year ended November 30, 2018, require a transaction journal entry or an adjusting journal entry, or both. The company adjusts its accounts annually. 1. On June 1, 2017, the theatre purchased vehicles for $80,700 cash. The vehicles’ estimated useful life is five years and the company uses straight-line depreciation. 2. The theatre has eight plays each season. This year’s season starts in October 2018 and ends in May 2019...