Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

BE COR OG 11.00, 2.Crane Theme On 2014 4. O, LO Owen Berita 13.00 rower Program w To TH Auta KI 1. Se 1 ca

image text in transcribed
image text in transcribed
BE COR OG 11.00, 2.Crane Theme On 2014 4. O, LO Owen Berita 13.00 rower Program w To TH Auta KI 1. Se 1 ca LT Crane Co. provides music lessons to many clients across the city. The following information is available to be used in recording annual adjusting entries at the company's September 30, 2021, yar end: 1. On October 1, 2020, the company had a balance of $1,820 in its supplies account. Additional supplies were purchased during the year totaling 51,790. The supplies inventary on September 2021. amounts to $600. 2. On November 1, 2020, Crane purchased a one-year Insurance policy for $3,600 3. On January 2, 2021, a client paid $1,500 for six months of lessons starting April 2, 2021. 4. On February 1, 2021, Crane purchased a grand piano (to be used in music lessons) for $24,480. The piano's estimated useful life is 12 years. 5. On May 1, 2021, Crane borrowed $27.420 from the bank and signed a 10 month, note payable Interest and principal are to be paid at maturity 6. On August 1, 2021, Crane signed a contract with a neighbourhood school to provide work plano lessons to some of its students for a fee of $1,700 per monts. The contract cated for lessons to 7. On August 15, 2021, the company paid $10,260 to Pinnacle Holdings to rent additional studio space for nine months starting September 1, Crane recorded the full payments Propei Rent 8. Crane's instructors have earned salaries of $2,970 for the last week of September 2021. This amount will be paid to the instructor on the next payday October 6, 2001 9. Music lessons were provided to a local church group for $1,200 on September 30, 2021. Crane has not yet invoked the group or recorded the transaction 10. In early October 2021, Crane received an invoice for $860 from the utility company for September titles. The amount has not yet been recorded or paid Prepare the adjusting journal entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually found newer to the nearest Whale della e.g. 5,275. If no entry is required, select "No Entry for the account times and enter for the amounts) Credit Debit No. Date Account Titles and Explanation 600 1. Sept. 30 Cash 600 Suppliese 2. Sept. 30 @ 24

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Visual Auditory And Kinesthetic Self Audit Communication And Learning Profiles

Authors: Brian Everard Walsh, Ronald Willard, Astrid Whiting

1st Edition

098666555X, 978-0986665554

More Books

Students also viewed these Accounting questions

Question

If you were Adidas, how would you compete with Nike?

Answered: 1 week ago

Question

2. Are my sources up to date?

Answered: 1 week ago