Answered step by step
Verified Expert Solution
Question
1 Approved 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
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 $84.000 with an interest rate of 5%. Interest is payable on the first day of each following month b. Students paid $49.200 in advance for cooking classes. At the end of the month, Adriana finished teaching $16,400 worth of cooking classes c. During the month, Adriana purchased supplies for her cooking classes such as meats and cheese for $6,250. At the end of the month, a physical count shows that $1.250 of supplies are left d. On September 1 Adriana purchased a refrigerator costing $4,800. This equipment will be used for 5 years and then donated to the food bank e. 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 517750. The invoice was paid in full on October 15, 2020 . Adriana will pay sales of 6160 for two weeks (14 days) on October 9, 2020. At the end of the month, nine days of salaries are unpaid and unrecated Assume Adriana's Apronuses Straight Line Method to depreciate the asset. Required: For transactions (a) to (1). help Adriana prepare the adjusting entiles on September 30, 2020, View transactions Journal entry worksheet 1 2 4 5 6 Secondi
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started