Sheridan Paintball records adjusting entries on an annual basis. The company has the following information available...
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Sheridan Paintball records adjusting entries on an annual basis. The company has the following information available on accruals that must be recorded for the year ended June 30, 2021. 1. Sheridan Paintball has a 3% note payable with its bank for $38,400. Interest is payable on a monthly basis on the first of the month. Sheridan Paintball is open seven days a week'and employees are paid a total of $2,800 every Monday for a seven-day (Monday-Sunday) workweek. June 30, 2021, is a Wednesday so employees will have worked three days (Monday- Wednesday) before the year end that they have not been paid for as at June 30. Employees will be paid next on Monday July 5, 2021. Sheridan Paintball receives a commission from Pizza Shop next door for all pizzas sold to customers using the Sheridan Paintball facility. The amount owing for June is $490, which Pizza Shop will pay on July 7, 2021. The June utility bill for $430 was unrecorded on June 30. Sheridan Paintball paid the bill on July 9, 2021. Sheridan Paintball sold some equipment on June 1. 2021. in exchange for a $9600, 4% note receivable. The principal and interest are due on September 1, 2021. 2. 4, 5. 3, For each of the above items, prepare the adjusting entry required at June 30, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) No. Date Account Titles and Explanation Debit Credit June 1. Interest Expense 30 240 Interest Payable 240 Juns Salaries Expense 1800 30 Salaries Payable 1800 June 3. Accounts Receivable 30 600 Commission Revenue 600 June Utilities Expense 385 30 Accounts Payable 385 June 5. Interest Receivable 36 30 Interest Revenue 36 2. 4. For each of the above items, prepare the journal entry to record the related cash transaction in the 2022 fiscal year. Assume all payments and receipts are made as indicated. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit July 5 Sheridan Paintball records adjusting entries on an annual basis. The company has the following information available on accruals that must be recorded for the year ended June 30, 2021. 1. Sheridan Paintball has a 3% note payable with its bank for $38,400. Interest is payable on a monthly basis on the first of the month. Sheridan Paintball is open seven days a week'and employees are paid a total of $2,800 every Monday for a seven-day (Monday-Sunday) workweek. June 30, 2021, is a Wednesday so employees will have worked three days (Monday- Wednesday) before the year end that they have not been paid for as at June 30. Employees will be paid next on Monday July 5, 2021. Sheridan Paintball receives a commission from Pizza Shop next door for all pizzas sold to customers using the Sheridan Paintball facility. The amount owing for June is $490, which Pizza Shop will pay on July 7, 2021. The June utility bill for $430 was unrecorded on June 30. Sheridan Paintball paid the bill on July 9, 2021. Sheridan Paintball sold some equipment on June 1. 2021. in exchange for a $9600, 4% note receivable. The principal and interest are due on September 1, 2021. 2. 4, 5. 3, For each of the above items, prepare the adjusting entry required at June 30, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) No. Date Account Titles and Explanation Debit Credit June 1. Interest Expense 30 240 Interest Payable 240 Juns Salaries Expense 1800 30 Salaries Payable 1800 June 3. Accounts Receivable 30 600 Commission Revenue 600 June Utilities Expense 385 30 Accounts Payable 385 June 5. Interest Receivable 36 30 Interest Revenue 36 2. 4. For each of the above items, prepare the journal entry to record the related cash transaction in the 2022 fiscal year. Assume all payments and receipts are made as indicated. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit July 5
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