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Progress The following independent items for Last Planet Theatre during the year ended December 31, 2021, may require a transac adjusting entry, or both. The

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Progress The following independent items for Last Planet Theatre during the year ended December 31, 2021, may require a transac adjusting entry, or both. The company records all prepaid costs as assets and all unearned revenues as liabilities and adjusts 1. Supplies on hand amounted to $825 on December 31, 2020. On June 10, 2021, additional supplies were purchased for $ 31, 2021, a physical count showed that supplies on hand amounted to $900. 2. Purchased equipment on August 1, 2021, for $50,400 cash. The equipment was estimated to have a useful life of 12 years. 3. Last Planet Theatre puts on eight plays each season. Season tickets sell for $480 each and 225 sold in July for the upcoming which begins in September 2021 and ends in April 2022 (one play per month). Last Planet Theatre credited Unearned Revenu received 4. Every Wednesday, the total payroll is $5,640 for salaries earned during the previous workweek (Monday-Friday). Salaries wer Wednesday, December 29. This year, December 31 falls on a Friday. 5. Last Planet Theatre rents the theatre to a local children's choir, which uses the space for rehearsals twice a week at a rate of $75 choir was short of cash at the beginning of December and sent Last Planet Theatre a cheque for $510 on December 10, and a pro balance in January. On January 10, 2022, Last Planet Theatre received a cheque for the balance owing from December. At this tim rent was also paid. On June 1, 2021, the theatre borrowed $26,400 from its bank at an annual interest rate of 4.0%. The principal and interest are to be 30, 2022. Upon reviewing its accounting records on December 31, 2021, the theatre noted that the telephone bill for the month of December been received. A call to the phone company determined that the December telephone bill was $535. The bill was paid on Jant Progress The following independent items for Last Planet Theatre during the year ended December 31, 2021, may require a transac adjusting entry, or both. The company records all prepaid costs as assets and all unearned revenues as liabilities and adjusts 1. Supplies on hand amounted to $825 on December 31, 2020. On June 10, 2021, additional supplies were purchased for $ 31, 2021, a physical count showed that supplies on hand amounted to $900. 2. Purchased equipment on August 1, 2021, for $50,400 cash. The equipment was estimated to have a useful life of 12 years. 3. Last Planet Theatre puts on eight plays each season. Season tickets sell for $480 each and 225 sold in July for the upcoming which begins in September 2021 and ends in April 2022 (one play per month). Last Planet Theatre credited Unearned Revenu received 4. Every Wednesday, the total payroll is $5,640 for salaries earned during the previous workweek (Monday-Friday). Salaries wer Wednesday, December 29. This year, December 31 falls on a Friday. 5. Last Planet Theatre rents the theatre to a local children's choir, which uses the space for rehearsals twice a week at a rate of $75 choir was short of cash at the beginning of December and sent Last Planet Theatre a cheque for $510 on December 10, and a pro balance in January. On January 10, 2022, Last Planet Theatre received a cheque for the balance owing from December. At this tim rent was also paid. On June 1, 2021, the theatre borrowed $26,400 from its bank at an annual interest rate of 4.0%. The principal and interest are to be 30, 2022. Upon reviewing its accounting records on December 31, 2021, the theatre noted that the telephone bill for the month of December been received. A call to the phone company determined that the December telephone bill was $535. The bill was paid on Jant

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