Sheriden Co. provides music lessons to many clients across the city. The fellowing information is available to be used in recording annual adjusting entries at the company's September 30, 2017, year end 1. On Cctober i, 2U16, the company had a balance of S2,020 in its supplies account. Additional supplies were purchased during the year totalling $1,8/0. The supplies inventory on September 30, 201/, amounts to $990 2. On November 1, 2016, Sheridan purchased a one-year insurance policy for $3,060. 3. On lanuary 7, 2017, a client paid $1,680 fnr six months of lessons starting April 2, 2017 4. On Fcbruary 1, 2017, Sheridan purchased a grand piano (to be uscd in music lcssons) for $32,400, The piano's cstimated uscful lifc is 18 ycars 5. On May 1, 2017, Sheridan borrowed $29,460 from the bank and signed a 10-month, 8% note payable. Interest and principal are to be paid at matunty. 5. On August 1, 2017, Sheridan signed a contract with a neighbourhood school to provide weekly piano lessons to some of its students for a fee of $1,880 per month. The contract called for lessons to start on September 1, 2017. The school has not yet been sent an invoice for the month of Septamber. OnAugust 15, 2017, the company paid S9,000 to Pinnacle Heldings to rent additional studio space for nine menths starting September 1. Sheridan recorded the full payment as Prepaid Rent. 8. Sheridan s instructors have earned salaries cf $2 570 fnr the last week of Septembe 201 7. This amount wil be pnnd a the ?nstructors cn the next Payday: tcher ?, 2017 9. Music lessons werc provided to a local church group for S 1,380 on September 30, 2017. Sheridan has not yet invoiced the group or recordcd the transaction 10. In early October 2017, Shendan received an invoice for $940 from the ublity company for September utilities. Ihe amount has not yet been recorded or pai? Prepare the adjusting journal entnes. (Credit account titles are autolyindented when amount is entered. Do not indent manually Round answers to the nearest whole dollar, e.g. S,2/s. If no entry is required, select "No Entry" for the account titles and enter for the amounts.)
