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Current Attempt in Progress Aduke Zhawaki is a talented musician who runs a business teaching music and playing in gigs with a variety of other
Current Attempt in Progress Aduke Zhawaki is a talented musician who runs a business teaching music and playing in gigs with a variety of other musicians. Her business is operated as a proprietorship, under the name A to Z Music, which has a December 31 year end. On November 30, 2021, the company's general ledger included the following accounts (all accounts have normal balances): A. Zhawaki, capital $20,150 A. Zhawaki, drawings 31,490 Accounts payable 4,300 Accounts receivable. 2,410 Cash 3,130 Equipment 17,450 Insurance expense 3,399 Rent expense 4,675 Service Revenue 46,854 Supplies 1,635 Telephone expense 1,650 Travel expense 6,220 Unearned revenue 755 Question 5 of 5 > - /25 E Unearned revenue 755 December transactions were as follows: Dec. 1 Paid December rent on her studio space, $425. 1 Purchased additional sound equipment for $3,330 from a friend who was going back to school to study accounting. The equipment was probably worth $4,980. the friend needed the cash for tuition and was anxious to sell it. Paid $1,410 cash and promised to pay the remaining amount by December 5. 3 Borrowed $2,660 cash from her parents and signed a note payable. 4 Paid her friend the remaining amount owing on the December 1 transaction. 4 Collected $1,970 from customers in payment of their accounts. 7 Paid the $309 monthly insurance premium. 8 Paid for $160 of supplies. 10 Paid $2,180 of the accounts payable from November. 15 Gave musical performances at two recitals, therefore providing services of $755. The customers had paid her in November. (Hint: In November, Aduke had recorded the $755 received in advance as a liability, Unearned Revenue. By performing at the recitals, she has "paid" this obligation.) 20 Received $3,485 cash from students for music lessons provided December. 21 Paid her monthly telephone bill of $150. 22 Billed customers $2,210 for providing music at several holiday parties. 24 Withdrew $2.995 for personal use. - /25 E 24 Withdrew $2,995 for personal use. 29 Received $580 cash advance from a customer for a performance in January. 30 Paid travel expenses of $675 for December in cash. 31 Paid her parents $190. Of this amount, $10 is interest and the remainder is a principal payment on the note payable. (a) Enter the November 30 balances in ledger accounts. Cash Nov. 30 40 Accounts Receivable Supplies Equipment * # Question 5 of 5
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