Sentry Transport Inc. of Adants provides in town parcit devery services in addition to a full range of passenger services Sentry engaged in the towing actutes during the current year Serry moved $5.000 cash in advance from Rch's Department Store for an estimated 250 deliveries during December 2009 and January and February of 2020 The entire amount was recorded an uneated revenue when received During December 2019 110 deuenes were made for Rich's b. Sentry operates several small tunes that take commuters from suburban communities to the central downtown of Aarts The commuters purchase, in advance, tickets for 50 oneway rides. Each 50-ride ticket costs $500. At the sime of purchase. Senry cedts the cash received to unearned reverse. At year end, Sentry determines that 10,160 one-way rides have been taken Sentry operates several bunes that provide transportation for the cleres of a social service agency in Adants Sentry bills the agency quarterly at the end of January, April, July, and October for the service performed that quarter. The contract price is $7,500 per quarter Sentry follows the practice of recognizing revenue from this contract in the period in which the service is performed d. On December 23, Delta Airlines chartered a bus to transport its marketing group to a meeting at a resort in southern Georgia. The meeting will be held during the last week in January 2020, and Delta agrees to pay for the entire tip on the day the bus departs A year end none of these arrangements have been recorded by Sentry Required 1. Prepare adjusting enties at December 31 for these four activities 2. Conceptual Connection: What would be the effect on revenue if the adusting entries were not made? Check My Work 3 more Check My Work uses remaining Previous Next> Email Instructor Save and Exit Submit Assignment for Grad ASSETS 111 Cash CHART OF ACCOUNTS Sentry Transport Inc. General Ledger 121 Accounts Receivable 122 Notes Receivable 123 Supplies 124 Prepaid Insurance 125 Prepaid Rent 126 Inventory 127 Interest Receivable 130 Investment 131 Land 132 Buildings 133 Equipment 134 Furniture 135 Trucks 139 Accumulated Depreciation REVENUE 411 Sales Revenue 412 Service Revenue 413 Interest Income 414 Rent Revenue EXPENSES 511 Cost of Goods Sold 512 Advertising Expense 513 Supplies Expense 514 Utilities Expense 515 Rent Expense 516 Insurance Expense 521 Wages Expense 531 Interest Expense 532 Depreciation Expense LABUTIES 00 212 P GO 234 W Paybe 236 Pays LGO BLANKSHEET BLANKSHEET BLANKSHEETAL 221 Bunds Payle EQUITY Common Sock 321 Rated Eng 301 Dund 250 Summary Check My Work Check My Prev 7 items Score: 4 Email instructor Save and Exit Submita General Jounal Show Me How austing eneses at December 31 ty these four aches anys que post nothing in the journal Jus GENERAL JOURNAL BALA DATE ACCOUNT TITLE POST WEE CREDIT ASSETS LIA Ming Check My Work more Check My Work uses remaining Previous Next Emal instructor Save and Exit Submit Assignment for Grading 0 Fiew Quenton 2 Concept Come Whats Atonal Instruction Cute effect an exper Check My Workmeine Check My Work M Y D CO Previous Next>> Save and Ext Submit Assignment for Grading D 098 9:37 T 9 4 T Sentry Transport Inc. of Atlanta provides in-town parcel delivery services in addition to a full range of passenger services. Sentry engaged in the following activities during the current year: a. Sentry received $5,000 cash in advance from Rich's Department Store for an estimated 250 deliveries during December 2019 and January and February of 2020. The entire amount was recorded as unearned revenue when received. During December 2019, 110 deliveries were made for Rich's b. Sentry operates several small buses that take commuters from suburban communities to the central downtown area of Atlanta. The commuters purchase, in advance, tickets for 50 oneway rides. Each 50-ride ticket costs $500. At the time of purchase, Sentry credits the cash received to unearned revenue. At year end, Sentry determines that 10,160 one-way rides have been taken. c. Sentry operates several buses that provide transportation for the clients of a social service agency in Atlanta. Sentry bills the agency quarterly at the end of January, April, July, and October for the service performed that quarter. The contract price is $7,500 per quarter. Sentry follows the practice of recognizing revenue from this contract in the period in which the service is performed. d. On December 23, Delta Airlines chartered a bus to transport its marketing group to a meeting at a resort in southern Georgia. The meeting will be held during the last week in January 2020, and Delta agrees to pay for the entire trip on the day the bus departs. At year end, none of these arrangements have been recorded by Sentry. Required: 1. Prepare adjusting entries at December 31 for these four activities. 2. Conceptual Connection: What would be the effect on revenue if the adjusting entries were not made? CHART OF ACCOUNTS Sentry Transport Inc. General Ledger ASSETS 111 Cash 121 Accounts Receivable 122 Notes Receivable 123 Supplies 124 Prepaid Insurance 125 Prepaid Rent 126 Inventory 127 Interest Receivable 130 Investment 131 Land 132 Buildings 133 Equipment 134 Furniture 135 Trucks REVENUE 411 Sales Revenue 412 Service Revenue 413 Interest Income 414 Rent Revenue EXPENSES 511 Cost of Goods Sold 512 Advertising Expense 513 Supplies Expense 514 Utilities Expense 515 Rent Expense 516 Insurance Expense 521 Wages Expense 531 Interest Expense 139 Accumulated Depreciation 532 Depreciation Expense 541 Income Taxes Expense Check My Work 3 more Check My Work uses remaining. Previous Next LIABILITIES 211 Accounts Payable 212 Notes Payable 213 Income Taxes Payable 214 Wages Payable 215 Utilities Payable 216 Insurance Payable 217 Rent Payable 221 Interest Payable 222 Unearned Service Revenue 223 Unearned Rent Revenue 231 Bonds Payable EQUITY 311 Common Stock 321 Retained Earnings 331 Dividends 350 Income Summary 1. Prepare adjusting entries at December 31 for these four activities. If an entry is not required, post nothing in the journal General Journal Instructions 1 DATE Final Question GENERAL JOURNAL ACCOUNT TITLE Adjusting Entries POST REF DEBIT CREDIT ASSETS 2. Conceptual Connection: What would be the effect on revenue if the adjusting entries were not made? Additional Instruction a. Without this adjusting entry, revenue would and liabilities would b. Without this adjusting entry, revenue would and liabilities would c. Without this adjusting entry, revenue would and assets would and assets would d. Without this adjusting entry, revenue would Cumulatively, if these transactions were not made, revenue would by $