Question
I need help with these adjusting entires. If there is any calculations i need you to show me how you got it A. Record the
I need help with these adjusting entires. If there is any calculations i need you to show me how you got it
A. Record the monthly depreciation on the assets as listed below:
Office equipment 500
Music Instrument 200
Musical equipment 950
Van 60
B. The weekly payroll of the office employees is 2500. The office employees are paid on a weekly basis. Wednesday, July 31, 200X is the end of the monthly accounting cycle.
C. The prepaid insurance balance is the sum of three different policies. The first policy had a balance of 1000 and it had five months of coverage remaining at the beginning of this monthly cycle . the second policy?s balance of 2400 represents the remaining portion of a three year policy of which one year had already elapsed at the beginning of this month. 1100 is the balance of the third policy at the beginning of the month. 350 of the third policy was used during the current period. (Note: please use only on adjusting entry to adjust the prepaid insurance account)
d. The June 30, 200X 7200 account balance for pre-paid rent is the cost of 9 months? rent. Also 500 of the pre-paid rent in july 15th transaction had been used.
e. The Lawrence Marcel School of music provided 100 hours of service to the public school students at he 7.50 per hour rate agreed on July 11th. As of July 31stthey had not received the payment from the public system for these services. Also, the music school had provided individual lessons totaling 2000 on Monday, Tuesday and Wednesday of the July 29th week. They will receive payment for these lessons on Friday, August 2. 200X. And thirdly , two weeks of musical interludes have been provided at the office complex as agreed upon in the July 15thtransaction.
F. An examination of the office supplies account reveals that there is 2100 of office supplies on hand.
G. 5500 of music supplies were used this period
Signed a contract to provide a marching band for the countrywide 4th of July celebration. The marching band is to provide three consecutive hours of service at a rate of $1,700 per hour. There will be 100 members in the marching band. Each marching band member will be paid by the music school at a rate of $10 per hourStep by Step Solution
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