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Instructions Sentry Transport Inc. of Atlanta provides in-town parcel delivery services in addition to a full range of passenger services. Sentry engaged in the following

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Instructions Sentry Transport Inc. of Atlanta provides in-town parcel delivery services in addition to a full range of passenger services. Sentry engaged in the following activities during the current year: a. Sentry received $5,000 cash in advance from Rich's Department Store for an estimated 250 deliveries during December 2019 and January and February of 2020. The entire amount was recorded as unearned revenue when received. During December 2019, 110 deliveries were made for Rich's. b. Sentry operates several small buses that take commuters from suburban communities to the central downtown area of Atlanta. The commuters purchase, in advance, tickets for 50 oneway rides. Each 50-ride ticket costs $500. At the time of purchase, Sentry credits the cash received to uneared revenue. At year end, Sentry determines that 10,160 one-way rides have been taken c. Sentry operates several buses that provide transportation for the clients of a social service agency in Atlanta. Sentry bills the agency quarterly at the end of January, April, July, and October for the service performed that quarter. The contract price is $7,500 per quarter. Sentry follows the practice of recognizing revenue from this contract in the period in which the service is performed. d. On December 23, Delta Airlines chartered a bus to transport its marketing group to a meeting at a resort in southern Georgia. The meeting will be held during the last week in January 2020, and Delta agrees to pay for the entire trip on the day the bus departs. At year end, none of these arrangements have been recorded by Sentry Required: 1. Prepare adjusting entries at December 31 for these four activities 2.com 2. Conceptual Connection: What would be the effect on revenue if the adjusting entries were not made? GENERAL JOURNAL BALANCE SHEET INCOME STATEMENT POST. REF. DEBIT CREDIT ASSETS LIA ACCOUNT TITLE Adjusting Entries Ow General Journal indERAL JOURNAL BALANCE SHEET INCOME STATEMENT IMPACT ON FINANCIAL STATEMENTS POST REF DEBIT CREDIT ASSETS LIABILITIES EQUITY REVENUE EXPENSES NET INCOME Final Question 2. Conceptual Connection: What would be the effect on revenue if the adjusting entries were not made? Additional Instruction a. Without this adjusting entry, revenue would and liabilities would b. Without this adjusting entry, revenue would and liabilities would c. Without this adjusting entry, revenue would and assets would d. Without this adjusting entry, revenue would and assets would Cumulatively, if these transactions were not made, revenue would

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