11C Clear 1. 2. 3. 4. 5. 6. On June 1, 2021, the theatre purchased vehicles for $76,000 cash. The vehicles' estimated useful life is five years and the company uses straight-line depreciation. The theatre has eight plays each season. This year's season starts in October 2021 and ends in May 2022 (one play per month). Season tickets sell for $340. On October 1,400 season tickets were sold for the 2021-2022 season. The theatre credited Deferred Revenue for the full amount received on October 1 and uses a Ticket Revenue account to record revenue earned from season tickets. Supplies on hand amounted to $980 at the beginning of the year. On February 16, additional Supplies were purchased for cash at a cost of $1,940. At the end of the year, a physical count showed that supplies on hand amounted to $540. On June 1, 2021, the theatre borrowed $92,000 from the Bank of Montreal at an interest rate of 6%. The principal is to be repaid in one year. The interest is payable on the first day of each following month, and was last paid on November 1. The Carla Vista Theatre rents a portion of its facilities for $390 a month to a local dance club that uses the space for rehearsals. On November 2, the dance club's treasurer made a mistake and accidentally sent a cheque for only $170 for the November rent. (Hint: Use the Deferred Revenue account to record the rent received in advance.) The dance club's treasurer promised to send a cheque in December for the balance when she returned from vacation. On December 4, the theatre received a $220 cheque for the balance owing from November. The total weekly payroll is $6,650, paid every Monday for employee salaries earned during a seven-day workweek running from Sunday to Saturday. Salaries were last paid (and recorded) on Monday, November 29, and will be paid next on Monday, December 6, November 30 falls on a Tuesday this year, ING Cler Nov. Depreciation Expense 30 Accumulated Depreciation-Vehicles Nov. 30 Deferred Revenue Ticket Revenue Nov. Supplies Expense 30 Nov. 30 Supplies Interest Expense Nov Interest Payable acer a 7,600 2380 460 7.600 30 2.380 460 ENG US 937 2022-10 Interest Payable Nov. 30 330 Deferred Revenue Accounts Receivable 170 220 Rent Income Nov. 30 Salaries Expense 5.700 Salaries Payable Nov. Income Tax Expense 30 Income Tax Payable 11C Clea O acer 1230 460 390 1230 F ENG US 937 PM 2022-10-04