Question

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 or why note P3-6B The following independent items for Théâtre Dupuis during the year ended November 30, 2017, may Prepare transaction and moguire a transaction journal entry, an adjusting entry, or both. The company records all prepaid costs as assets and adjusting entries. 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 (LO 2,3) AP purchased for $2,880 cash. On November 30, 2017, a physical count showed that supplies on hand amounted to $670. 2. Théâtre Dupuis puts on 10 plays each season. Season tickets sell for $200 each and 310 were sold in August for the upcoming 2017-2018 season, which starts in September 2017 and ends in June 2018 (one play per month). Théâtre Dupuis credited Unearned Revenue for the full amount received. 3. The total payroll for the theatre is $4,500 every Wednesday for employee salaries earned during the previous five-day week (Wednesday through Sunday). Salaries were last paid (and recorded) on Wednesday, November 29. In 2017, November 30 falls on a Thursday. The next payday is Wednesday, December 6, 2017. 4. Théâtre Dupuis rents the theatre to a local seniors' choir, which uses the space for rehearsals twice a week at a rate of $425 per month. The new treasurer of the choir accidentally sent a cheque for $245 on November 1. The treasurer promised to send a cheque in December for the balance when she returns from her vacation. On December 4, Théâtre Dupuis received a cheque for the balance owing from November plus all of December's rent. 5. On June 1, 2017, the theatre borrowed $11,000 from La caisse populaire Desjardins at an annual interest rate of 4.5%. The principal and interest are to be repaid on February 1, 2018. 6. Upon reviewing the books on November 30, 2017, it was noted that the utility bill for the month of November had not yet been received. A call to Hydro-Québec determined that the utility bill was for $1,420. The bill was paid on December 10. 7. Owned a truck during the year that had originally been purchased on December 1, 2013, for $37,975. The truck's estimated useful life is eight years. Instructions (a) Prepare the journal entries to record the original transactions for items 1 through 5. (b) Prepare the year-end adjusting entries for items 1 through 7. (c) Prepare the journal entries to record: 1. the payment of wages on Wednesday, December 6 (item 3). 2. the receipt of the cheque from the seniors' choir on December 4 (item 4). 3. the payment of the utility bill on December 10 (item 6). 4. the payment of the note and interest on February 1, 2015 (item 5). undiusted trial balance may not contain com-

I need the answers for b

Answer 1

Ans a Credit Credit $2,880 $3,160 Transaction entry Sr. No Account Title Debit 1 Supplies $2,880 Cash (To record purchase of supplies) Cash (310 x $200] $62,000 Unearned Revenue (To record amount received in advance) No Entry No Entry $62,000 $18,600 $900 $245 Ans b Adjusting Entry Sr.No Account Title Debit 1 Supplies Expense ($950+$2880-$670] $3,160 Supplies (To record supplies Expense) Unearned Revenue ($62000/10x3] $18,600 Sales Revenue (To record sales revenue) 3 Salaries and Wages Expense [$4500/5] $900 Salaries and Wages Payable (To record accrual of wages expense) Rent Receivable $180 Rent Income (To record rent income) 5 Interest Expense ($11000x4.5%/12x6] $248 Interest Payable (To record interest expense) Utilities Expense $1,420 Accounts Payable (To record accrual of utilities expense) Deprecition Expense ($37975/8] $4,747 Accumulayted Depreciation-Vehicle (To record depreciation expense) 4 $245 $180 Cash Rent Income (To record rent income) Cash Notes Payable (To record notes payable) NO Entry NO Entry $11,000 $11,000 $248 $1,420 $1,420 $1,420 No Entry No Entry $4,747

Ansc Sr.No Debit Credit $3,600 $900 $4,500 $605 $180 $425 Account Title Salaries and Wages Expense Salaries and Wages Payable Cash (To record payment of wages) Cash Rent Receivable Rent Income (To record rent receipts and income) Accounts Payable Cash (To recprd payment of utilities bill) Notes Payable Interest Payable Interest Expense ($11000x4.5%/12x3] Cash (To record payment of notes payable) $1,420 $1,420 $11,000 $248 $124 $11,372