Critical Thinking Assignment #$3$: 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 #$1$:

Cody Mountain Sports rented gear to a group of local climbers at a daily rate of $$57/$day on August

$14$th$,2024.$ The group plans to return this gear on September $17$th and payment will be received

when the gear is returned. Complete a journal below to account fo the accrued revenue as of August $31.$

Cody Mountain Sports pay their employees biweekly. As such, the pay period that covers August $22$nd

through September $5$th of $2024$ covered multiple months. During this pay period, in August, eight

employees each worked $8$ hours a day for ten days, making $$\frac{15}{?}$ hour. Additionally, two of these

employees incurred overtime of $4$ hours $($in addition to the hours above$)$ at $$22\mathrm{.}50/$hour$.$ Complete

the accrual journal entry below to account for wages incurred during August $2024.$

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 $1$: $,$ Cody Mountain Sports paid interest on a Long Term Note Payable. The total interest

paid was $$1,200$ and was paid with cash.

August $31$: One month of a prepaid insurance policy has expired. The policy was originally

purchased on August $1$st for $$12,000$ to cover $12$ months of operations and will be expensed monthly.