a)
No. | Date | General Journal | Debit | Credit |
1 | June 10, 2021 | Prepaid supplies | 1955 | |
Cash | 1955 | |||
(To record purchase of supplies) | ||||
2 | August 1, 2021 | Equipment | 47520 | |
Cash | 47520 | |||
(To record purchase of equipment) | ||||
3 | July 2021 | Cash (220 x $450) | 99000 | |
Unearned revenue | 99000 | |||
(To record sale of season tickets) | ||||
4 | December 29, 2021 | Salaries expense | 4740 | |
Cash | 4740 | |||
(To record salaries paid) | ||||
5 | December 10, 2021 | Cash | 560 | |
Rent revenue | 560 | |||
(To record rent revenue received) | ||||
6 | June 1, 2021 | Cash | 27600 | |
Notes payable/Bank loan | 27600 | |||
(To record amount borrowed) |
b)
No. | Date | General Journal | Debit | Credit |
1 | December 31, 2021 | Supplies expense | 2060 | |
Prepaid supplies ($945 + $1955 - $840) | 2060 | |||
(To record supplies used) | ||||
2 | December 31, 2021 | Depreciation expense ($47520 x 1/12 x 5/12) | 1650 | |
Accumulated depreciation-equipment | 1650 | |||
(To record depreciation on equipment) | ||||
3 | December 31, 2021 | Unearned revenue | 49500 | |
Sales revenue ($99000 x 4/8) | 49500 | |||
(To record concert revenue earned) | ||||
4 | December 31, 2021 | Salaries expense | 4740 | |
Salaries payable | 4740 | |||
(To record salaries accrued but not paid) | ||||
5 | December 31, 2021 | Accounts receivable | 225 | |
Rent revenue ($785 - $560) | 225 | |||
(To record rent revenue earned but not received) | ||||
6 | December 31, 2021 | Interest expense ($27600 x 5% x 7/12) | 805 | |
Interest payable | 805 | |||
(To record interest accrued on bank loan) | ||||
7 | December 31, 2021 | Utilities expense/Telephone expense | 575 | |
Accounts payable | 575 | |||
(To record telephone expense accrued but not paid) |
Question I (40 marks) Company A's business involves hosting several concerts per year. The company's year...
Question #1 (40 marks) 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...
Question #1 (40 marks) 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 unearned 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...
Question #1 (40 marks) 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...
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...
Question #1 (40 marks) 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 uncared 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...
Question #1 (40 marks) 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 unearned revenues as liabilities and adjusts accounts annually. 1. Prepaid supplies amounted to $835 on December 31, 2020. On June 10, 2021, additional supplies were purchased for $1,890 cash. On December 31, 2021, a physical count showed that prepaid supplies amounted to $940. 2. Purchased equipment on August 1, 2021,...
Question #1 (40 marks) 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 unearned revenues as liabilities and adjusts accounts annually. 1. Prepaid supplies amounted to $835 on December 31, 2020. On June 10, 2021, additional supplies were purchased for $1,890 cash. On December 31, 2021, a physical count showed that prepaid supplies amounted to $940. 2. Purchased equipment on August 1, 2021,...
Question #1 (40 marles) Company A's business involves hosting several concerts per year. The company's year-end in December 31, 2021. The company records all prepaid costs as assets and all unearned revenues as liabilities and adjusts accounts annually. 1. Prepaid supplies amounted to $835 on December 31, 2020. On June 10, 2021, additional supplies were purchased for $1,890 cash. On December 31, 2021, a physical count showed that prepaid supplies amounted to $940. 2. Purchased equipment on August 1, 2021,...
Question 1 (40 marles) Company A's business involves hosting several concerts per year. The company's year-end in December 31, 2021. The comptay records all prepaid costs as assets and all unearned revenues as liabilities and adjusts accounts amually. 1. Prepaid supplies amounted to $835 on December 31, 2020. On June 10, 2021, additional supplies were purchased for $1,890 cash. On December 31, 2021, a physical count showed that prepaid supplies amounted to $940. 2. Purchased equipment on August 1, 2021,...
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 unearned revenues as liabilities and adjusts accounts annually. 1. Prepaid supplies amounted to $835 on December 31, 2020. On June 10, 2021, additional supplies were purchased for $1,890 cash. On December 31, 2021, a physical count showed that prepaid supplies amounted to $940. 2. Purchased equipment on August 1, 2021, for $50,400 cash. The...