Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Splish Splash Art is a centre that offers children's music and dance lessons. Splish Splash prepares annual financlal statements and has a December 31, 2017,
Splish Splash Art is a centre that offers children's music and dance lessons. Splish Splash prepares annual financlal statements and has a December 31, 2017, year-end. a. On September 1, Splish Spash Art collects $15,700 cash for dance lessons running from September 1,2017 to December 31,2017. b. On October 1, 2017, Splish Splash Art collects $8,600 cash for four months of music lessons. The lessons run from October 1,2017 to January 31, 2018. c. On October 1, 2017, Splish Splash Art collects $13,400 cash for four months of music lessons. The lessons run from October 1,2017 to January 31, 2018 Requlred: For the above transactions, record the Inltial journal entry and the adjusting entry required on December 31, 2017. (If no entry is required for a transaction/event, select "No journal entry required" In the first account fleld.) a. Journal entry worksheet Record cash received in advance for future dance lessons. Note: Enter debits before credits. Journal entry worksheet Record cash received in advance for future music lessons. Note: Enter debits before credits. Journal entry worksheet Record cash received in advance for future music lessons. Note: Enter debits before credits. Splish Splash Art is a centre that offers children's music and dance lessons. Splish Splash prepares annual financlal statements and has a December 31, 2017, year-end. a. On September 1, Splish Spash Art collects $15,700 cash for dance lessons running from September 1,2017 to December 31,2017. b. On October 1, 2017, Splish Splash Art collects $8,600 cash for four months of music lessons. The lessons run from October 1,2017 to January 31, 2018. c. On October 1, 2017, Splish Splash Art collects $13,400 cash for four months of music lessons. The lessons run from October 1,2017 to January 31, 2018 Requlred: For the above transactions, record the Inltial journal entry and the adjusting entry required on December 31, 2017. (If no entry is required for a transaction/event, select "No journal entry required" In the first account fleld.) a. Journal entry worksheet Record cash received in advance for future dance lessons. Note: Enter debits before credits. Journal entry worksheet Record cash received in advance for future music lessons. Note: Enter debits before credits. Journal entry worksheet Record cash received in advance for future music lessons. Note: Enter debits before credits
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started