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prepare the December 31 year-end adjusting entries for Missy's Tea Shoppe, Inc., using the following information: A) A one-year insurance policy was purchased on October
prepare the December 31 year-end adjusting entries for Missy's Tea Shoppe, Inc., using the following information: A) A one-year insurance policy was purchased on October 1 for $2,400. B) On November 1, Missy's Tea Shoppe received an advance payment of $3,930 to supply tea to a customer for the next three months. The amount of tea supplied each month will not vary. C) Revenue for services performed but unrecorded and unpaid at December 31 totals $2,000. D) A $20,000 note payable was issued on September 1. It is a 9%, 6-month note. E) The unadjusted balance in the Supplies account was $4,730. A physical count showed that at December 31, $1,845 of supplies were still on hand
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