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See the transactions that occurred in the month of Septemeber 30. It was the company's first year of operations with the fiscal year end of
See the transactions that occurred in the month of Septemeber 30. It was the company's first year of operations with the fiscal year end of September 30th - The company is Fun Time pools(FTP). a. $2,470 in advertisements occurred with several area newspapers (including the online versions), all of which ran in the newspapers during September but will not be paid until October b. Cleaned pools for customers for $12,200, receiving $5,900 in cash with the rest owed by customers who will pay in October. c. Purchased inventory from Supplies, Inc., a pool supply wholesaler, $11,400 and paid cash. d. Customers were offered a discount for prepaying next year's pool cleaning service. FTP received $10,800 from customers who took advantage of the program. e. Paid the office worker $5,400, with $1,620 owed from work in the prior month and the rest from work in the current month. f. Had the company van repaired, paying $180 to the mechanic. g. $150 for phone, water, and electric utilities used during September but will be paid in October. h. Received $190 cash in interest earned during the month on short-term investments. i. Received a property tax bill for $360 for use of the land and building in September, the bill will be paid next year. j. Paid $1,440 for the next years's insurance coverage. Required: 1. Prepare journal entries for above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet $2,470 in advertisements with several area newspapers (including the online versions), all of which ran in the newspapers during September but will not be paid until October Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general journal 2. Based only on these monthly transactions, prepare a classified income statement (with income from operations determined separately from other items) for the month ended September 30. FTP Income Statement (unadjusted) For the Quarter Ended September 30 Operating expenses Total operating expenses Other items
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