ent FULL SCREEN PRINTER VERSION 4 BACK Question 14 The following independent items for Last Planet Theatre during the year ended December 31, 2021, may require a transaction journal entry, an adjusting entry, or both. The company records a prepaid costs as assets and all uneared revenues as liabilities and adjusts accounts annually. 1. Supplies on hand amounted to $945 on December 31, 2020. On June 10, 2021, additional supplies were purchased for $1,955 Cash On December 31, 2021, a physical count showed that st on hand amounted to $840. 2. Purchased equipment on August 1, 2021, for $47,520 cash. The equipment was estimated to have a useful life of 12 years, 3. Last Planet Theatre puts on eight plays each season. Season tickets sell for $450 each and 220 sold in July for the upcoming 2021-2022 season, which begins in September 2021 and ends April 2022 (one play per month), Last Planet Theatre credited Unearned Revenue for the full amount received 4. Every Wednesday, the total payroll is $4,740 for salaries earned during the previous workweek (Monday-Friday). Salaries were last paid on Wednesday, December 29. This year, December falls on a Friday, 5. Last Planet Theatre rents the theatre to a local children's choir, which uses the space for rehearsals twice a week at a rate of $785 per month. The choir was short of cash at the beginning of December and sent Last Planet Theatre a cheque for $560 on December 10, and a promise to pay the balance in January, On January 10, 2022, Last Planet Theatre received a cheque for the balance owing from December. At this time, the January rent was also paid 6. On June 1, 2021, the theatre borrowed $27,600 from its bank at an annual interest rate of 5.0%. The principal and interest are to be repaid on May 30, 2022 7. Upon reviewing its accounting records on December 31, 2021, the theatre noted that the telephone bill for the month of December had not yet been received. A call to the phone company determined that the December telephone bill was $575. The bill was paid on January 12, 2021 (a) Prepare the journal en Collapse question part tion part transactions for items 1 through 6. (Credit account titles are automatically indented when amount is entered. Do not indent manually Round answers to the war, ... 5,275. I no entry is required, select "No Entry for the accountities and enter for the amounts.)