You want to make sure your business has appropriately accounted for various liabilities such as Accounts...
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You want to make sure your business has appropriately accounted for various liabilities such as Accounts Payable, Notes Payable, and Unearned Revenue for the month. During the month, the following transactions occured. Record the journal entries for these transactions: 1. On September 5, a customer paid $600 in advance for lemonade to be catered to a business lunch later in the month 2. You realize your business is running low on various supplies such as paper towels and other cleaning supplies. On September 10, you purchase $200 of supplies from a local restaurant supply wholesaler. You receive an invoice to pay within 30 days for the supplies. 3. On September 20, you successfully deliver the lemonade to the catering event. 4. In the previous month, you purchased a truck by issuing a 2-year note payable. Both principal and interest are due at the time the note matures. The note has yet to mature, however, you record adjusting entries at the end of the month and need to accrue for interest for the current month. Assume the principal is $12,000 and annual interest on the note is 5%. Record the receipt of cash in advance on September 5. Record the purchase of supplies on September 10. Record the adjustment to unearned revenue on September 20. Date Account 1 Enter your input Enter your input Debit Credit Date Account Debit Credit Date Account Debit Credit Enter Enter Enter your 1 Enter your input Enter your input your 1 Enter your input Enter your input your input input input Enter Enter Enter 2 Enter your input your input 2 Enter your input your 2 Enter your input your input input Record the accrual of monthly interest on September 30. Date Account Debit Credit Enter 1 Enter your input Enter your input your input Enter 2 Enter your input your input You want to make sure your business has appropriately accounted for various liabilities such as Accounts Payable, Notes Payable, and Unearned Revenue for the month. During the month, the following transactions occured. Record the journal entries for these transactions: 1. On September 5, a customer paid $600 in advance for lemonade to be catered to a business lunch later in the month 2. You realize your business is running low on various supplies such as paper towels and other cleaning supplies. On September 10, you purchase $200 of supplies from a local restaurant supply wholesaler. You receive an invoice to pay within 30 days for the supplies. 3. On September 20, you successfully deliver the lemonade to the catering event. 4. In the previous month, you purchased a truck by issuing a 2-year note payable. Both principal and interest are due at the time the note matures. The note has yet to mature, however, you record adjusting entries at the end of the month and need to accrue for interest for the current month. Assume the principal is $12,000 and annual interest on the note is 5%. Record the receipt of cash in advance on September 5. Record the purchase of supplies on September 10. Record the adjustment to unearned revenue on September 20. Date Account 1 Enter your input Enter your input Debit Credit Date Account Debit Credit Date Account Debit Credit Enter Enter Enter your 1 Enter your input Enter your input your 1 Enter your input Enter your input your input input input Enter Enter Enter 2 Enter your input your input 2 Enter your input your 2 Enter your input your input input Record the accrual of monthly interest on September 30. Date Account Debit Credit Enter 1 Enter your input Enter your input your input Enter 2 Enter your input your input
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