Ready to 5 ACCT 2210 - Midterm Exam #1 X 10%20-%20Midterm%20Exam%20%231%20-%20Instructions%20and%20Questions.pdf pdf peace Colletto del coffee shops and cafes throughout the Ward W You have het behed as the financial Accountant. The Controller, Nelson Chants you that the compressed statements on a monthly basis and Nehon the rules them with the company's own or pronach month. Nelson provides you with the following open yunadjusted Tellalance of September 1, 2021. This balance below reflects the company's transactions from October 1, 2020 to August 31, 2021. Place Coffeld, has a September the year and Od Debit 55.75C 15,500 10.000 37.000 325.500 57.600 995325 ALD Cash Accounts Receivable Soulles Inventory Prepaid Rent Office Equipment Accumulated Depreciation Office Equipment Caf Equipment RE Accumulated Depreciation - Cafe Equipment Accounts Payable Salarles Payable linterest Payable Uneared Catering Revenue Loan Payable Common Shares Retained Earnings Dividends Cafe Revenue Catering Revenue Salaries Expense interest Expense Depreciation Expense Supplies Expense Utilities Expense Cafe Repairs Expense Insurance Expense Rent Expense Income Tax Expense Total 95,700 11,000 7500 2,250 10,375 45,000 75,000 105,250 LL 15 000 1275, 350 72,000 448,670 12.000 17.800 47,650 12 500 15,930 27,000 102.300 19,600 1,757,525 5 5 1,757,525 Nelson also provides you with details on several transactions that took place throughout the month of September. Nelson would like you to record these journal entries for the month of September 2021. a.) The Supplies Inventory was counted at September 30th. The count showed that supplies on hand at September 30th were 55,200 . $5,200 b.) Rent was prepaid on September 1st for a s (6) month period i Fabruary 28, 2022 c.) The office equipment has an estimated useful life of 15 years with no estimated residual value on a monthly basis. It has been recorded for the year to date de September has not yet been recorded) d.) The cate equipment has an estimated useful life of 10 years with an estimated residual value of $25,000 Note that depreciation expense is recorded on a monthly basis. It has been recorded for the yello-date fie: September has not yet been recorded) e.) The $45,000 note payable was issued on April 1 2021 and weres interest at an annual rate. The note is expected to be repaid by March 30, 2024, along with any interest payabic. The interest Expense from April 1st to August 31st has already been recorded .) On September Ist the company entered into an agreement with technology company based in Vancouver to provide catering services for the next 5 months. The technology company was and wala 510,375 on September ist. At September 30th Pike Place Coffee Ltd had provided one month of catering cesto the technology company and had 4 months remaining in the agreement On September 20th. The company received a bill for utrities for their cafes in the Seattle area in the amount of $1180 The bid has not ver been recorded or paid. On September 28th, the company provided ateing services for mostomer in Fertiang reren for $2.750. The client has not yet been Diled ord for the catering Services