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Question 4 of 4 View Policies 2 5. Current Attempt in Progress Blossom Co provides music lessons to many clients across the city. The following

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Question 4 of 4 View Policies 2 5. Current Attempt in Progress Blossom Co provides music lessons to many clients across the city. The following information is available to be used in recording annual adjusting entries at the company's September 30, 2021, year end: On October 1, 2020, the company had a balance of $1,800 in its supplies account. Additional supplies were purchased during the year totalling $1,600. The supplies inventory on September 30, 2021, amounts to $600. On November 1, 2020, Blossom purchased a one-year insurance policy for $3,000. 3. On January 2.2021. a client paid $1,500 for six months of lessons starting April 2, 2021. 4. On February 1, 2021, Blossom purchased a grand piano (to be used in music lessons) for $21,600. The piano's estimated useful life is 12 years. On May 1, 2021, Blossom borrowed $24.000 from the bark and signed a 10-month, 4% note payable. Interest and principal are to be paid at maturity. On August 1, 2021. Blossom signed a contract with a neighbourhood school to provide weekly piano lessons to some of its students for a fee of S1.700 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 59,000 to Pinnacle Holdings to rent additional studio space for nine months starting September 1. Blossom recorded the full payment as Prepaid Rent Blossom's instructors have earned salaries of $2.500 for the last week of September 2021. This amount will be paid to the instructors on the next payday: October 6, 2021 Music lessons were provided to a local church group for $1.200 on September 30, 2021. Blossom has not yet invoiced the group or recorded the transaction In early October 2021. Blossom received an invoice for $825 from the utility company for September utilities. The amount has not yet been recorded or paid. 6. 7. LO B

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