On January 1, 2020, Adriana took out a bank loan for $76,800 with an interest rate of 5%. Interest is payable on the first day of each following month.
Students paid $38,100 in advance for cooking classes. At the end of the month, Adriana finished teaching $12,700 worth of cooking classes.
During the month, Adriana purchased supplies for her cooking classes such as meats and cheese for $9,750. At the end of the month, a physical count shows that $1,950 of supplies are left.
On September 1, Adriana purchased a refrigerator costing $4,080. This equipment will be used for 5 years and then donated to the food bank.
Adriana was hired to teach at a food festival. She taught the “Secrets to Italian Cooking” on September 30 and sent the festival organizers an invoice for $10,400. The invoice was paid in full on October 15, 2020.
Adriana will pay salaries of $5,320 for two weeks (14 days) on October 9, 2020. At the end of the month, nine days of salaries are unpaid and unrecorded.
Assume Adriana’s Apron, uses Straight Line Method to depreciate the asset.
Required:
For transactions (a) to (f), help Adriana prepare the adjusting entries on September 30, 2020.
We need at least 9 more requests to produce the answer.
1 / 10 have requested this problem solution
The more requests, the faster the answer.
After winning the TV show competition Star Chef, Adriana started a cooking school, Adriana’s Apron. Adriana’s Apron prepares monthly financial statements. The following are the transactions for the month of September 2020.
1. Record accrued interest expense. 2. Record revenue earned. 3. Record supplies used. 4. Record depreciation expense. 5. Record accrued revenue earned. 6. Record accrued salaries expense. After winning the TV show competition Star Chef, Adriana started a cooking school, Adriana's Apron. Adriana's Apron prepares monthly financial statements. The following are the transactions for the month of September 2020. a. On January 1, 2020, Adriana took out a bank loan for $74,400 with an interest rate of 5%. Interest is...
A usting Accounts for Financial Statements Exercise 3-9 Adjusting entries-different accounting periods en Ace Games (Q&A Games) runs its busin sames (Q&A Games) runs its business from January I to December 31 year-end) Q&A Games pays $12.000 for a one-year insurance policy that covers January 1, 2017 December 31, 2017 Record the journal entries for the following: Con the inc ry on January 1, 2017, when Q&A Games pays for the insurance policy The following are independent situations. Assume Q&A...
CHAPTER 3 Adjusting Accounts for Financial Statements Exercise 3.9 Adjusting entries-different accounting periods Queen & Ace Ganies (Q&A Games) runs its business from January I to December 31 (year-end). January 1, 2017, Q&A Games pays $12.000 for a one-year insurance policy that covers January 1, 2017 December 31, 2017. Record the journal entries for the following 1. Record the incisery on January 1, 2017. when Q&A Games pays for the insurance policy. 2. The following are independent situations. Assume Q&A...