Question
Make adjusting entries for Mookie The Beagle Coach at February 29, 2024, using the following information. Adjustment number 1 Adjustment 1: One month of liability
Make adjusting entries for Mookie The Beagle Coach at February 29, 2024, using the following information. Adjustment number 1 Adjustment 1: One month of liability insurance has expired as of February 29, 2024. Recall that on 02/01/2024, $1,200 was paid in advance for six months of liability insurance, and the entire amount was recorded as an expense. Adjust as appropriate. Adjustment number 2 Adjustment 2: A count of office supplies revealed $800 of supplies on hand at February 29, 2024. Recall that the entire amount for Office Supplies was expensed during the month. Adjust as appropriate. Adjustment 3: On 02/27/2024 Mookie The Beagle Coach invoiced Carlos Xafra $1,800 and recorded sales of $1,800 for an agility training class for Bella that will not occur until March. Because we are using the accrual basis, at February 29, 2024, the $1,800 amount should be recorded as Unearned Revenue since it will not be earned until the month of March.
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