Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

NEED ANSWERED NOW Oriole Co. provides musclessons to many clients across the city. The following information is available to be used in recording annual adjusting

NEED ANSWERED NOW
image text in transcribed
image text in transcribed
image text in transcribed
Oriole Co. provides musclessons to many clients across the city. The following information is available to be used in recording annual adjusting entries at the companys September 30, 2021 year end 1 2 3. 4 5 On October 1, 2020, the company had a balance of S2.180 in its supplies account. Additional supples were purchased during the year totalling $1840. The supplies inventory on September 30, 2021. ambunts to $850. On November 1, 2020, Oriole purchased a one year insurance policy for $3,420 On January 2 2021. a client paid $1.800 for six months of lessors starting April 2, 2021. On February 1.2021. Oriole purchased a grand piano (to be used in music lessons for $29,400. The plano's estimated useful te is 14 years On May 1.2021. Oriole borrowed 525.200 from the bark and signed a 10 month, 4% nato payable Interest and principal are to be paid at maturity On August 1, 2021 Oriole signed contract with a neighbourhood school to provide weekly plano lessons to some of its students for a fee of $2.000 per month. The contract called for lessons to start on September 1, 2021 The school has not yet been sent an invoice for the month of September On August 15,2021, the company paid 59450 to Pinnacle Holdings to rent additional studio space for nine months starting September 1. Orole recorded the full payments Prepaid Rent Orioletinstructors have earned salaries of $3.460 for the last week of September 2021. This amount will be paid to the instructors on the next payday October 6, 2021 Musicsons were provided to a local church group for $1,500 on September 30, 2021. Orolehat not yet invoiced the soup or recorded the transaction 6 8 10 In carly October 2021. Oriole received an invoice for $935 from the utility company for September utilities. The amount has not yet been recorded or pald. Prepare the adjusting journal entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to the nearest whole dollar, e.3.5,275. If no entry is required, select "No Entry for the account titles and enter for the amounts) No. Date Account Titles and Explanation Debit Credit 1. Sept. 30 2. Sept. 30 3. Sept. 30 4. Sept. 30 5. Sept. 30 6. Sept. 30 7 Sept. 30 4. Sept. 30 5. Sept. 30 6. Sept. 30 7. Sept. 30 8. Sept. 30 9. Sept. 30 10. Sept. 30

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamentals Of Oil And Gas Accounting

Authors: Rebecca A. Gallun, Ph.D. Wright, Charlotte J, Linda M. Nichols, John W. Stevenson

4th Edition

0878147934, 9780878147939

More Books

Students also viewed these Accounting questions

Question

Explain all drawbacks of application procedure.

Answered: 1 week ago