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Critical Thinking Assignment # 3 : Complete the following requirements, entering solutions in blue cells. While Cody Mountain Sports is used for all problems, the
Critical Thinking Assignment #: Complete the following requirements, entering solutions in blue cells.
While Cody Mountain Sports is used for all problems, the problems are not designed to work in tandem
unless stated to
Requirement #:
Cody Mountain Sports rented gear to a group of local climbers at a daily rate of $day on August
th The group plans to return this gear on September th and payment will be received
when the gear is returned. Complete a journal below to account fo the accrued revenue as of August
Cody Mountain Sports pay their employees biweekly. As such, the pay period that covers August nd
through September th of covered multiple months. During this pay period, in August, eight
employees each worked hours a day for ten days, making $ hour. Additionally, two of these
employees incurred overtime of hours in addition to the hours above at $hour Complete
the accrual journal entry below to account for wages incurred during August
While "closing the books", you, the Cody Mountain Sports bookkeeper, noticed that several transaction
occurred that need adjusted in your general journal. Prepare journal entries to account for the
transactions found below.
August : Cody Mountain Sports paid interest on a Long Term Note Payable. The total interest
paid was $ and was paid with cash.
August : One month of a prepaid insurance policy has expired. The policy was originally
purchased on August st for $ to cover months of operations and will be expensed monthly.
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