The following independent items for Last Planet Theatre during the year ended December 31, 2021, may require a transaction journal entry, an adjusting entry, or both. The company records all prepaid costs as assets and all unearned revenues as liabilities and adjusts accounts annually. 1. 2. 3 4 Supplies on hand amounted to $815 on December 31, 2020. On June 10, 2021, additional supplies were purchased for $1,845 cash. On December 31, 2021, a physical count showed that supplies on hand amounted to $830, Purchased equipment on August 1, 2021, for $51.840 cash. The equipment was estimated to have a useful life of 12 years. Last Planet Theatre puts on eight plays each season. Season tickets sell for $440 each and 235 sold in July for the upcoming 2021-2022 season, which begins in September 2021 and ends in April 2022 (one play per month). Last Planet Theatre credited Unearned Revenue for the full amount received Every Wednesday, the total payroll is $4.440 for salaries earned during the previous workweek (Monday-Friday). Salaries were last paid on Wednesday, December 29. This year, December 31 falls on a Friday Last Planet Theatre rents the theatre to a local children's choir, which uses the space for rehearsals twice a week at a rate of $935 per month. The choir was short of cash at the beginning of December and sent Last Planet Theatre a cheque for $525 on December 10, and a promise to pay the balance in January, On January 10, 2022, Last Planet Theatre received a cheque for the balance owing from December. At this time, the January rent was also paid. On June 1, 2021, the theatre borrowed $25,200 from its bank at an annual interest rate of 5.0%. The principal and interest are to be repaid on May 30, 2022. Upon reviewing its accounting records on December 31, 2021, the theatre noted that the telephone bill for the month of December had not yet been received. A call to the phone company determined that the December telephone bill was $570, The bill was paid on January 12, 2022 5. 6. 7. Prepare the journal entries to record the 2021 transactions for items 1 through 6. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to the nearest whole dollar, eg. 5,275. If no entry is required, select "No Entry" for the account tities and enter for the amounts) No. Date Account Titles and Explanation Debit Credit 1 Jan. 10 Supplies 1830 Cash 2 Aug. 1 Equipment 51840 Cash 3 July Cash Unearned Revenue 103400 Dec. 29 > Salaries Expense 1776 Casti 5. Dec. 10 Interest Expense 735 Dec 10 . V Interest Expense 735 Interest Payable June 1 v Telephone Expense 570 Accounts Payable Prepare the year-end adjusting entry for items 1 through 7. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to the nearest whole dollar, es 5.275. If no entry is required, select "No Entry for the account titles and enter O for the amounts) No. Date Account Titles and Explanation Credit Dec. Supplies Expense Debit 1. 31 18.30 Supplies 1830 2. Doc. 31 Depreciation Experte 1800 Accumulated Depreciation for 1800 Accumulated Depreciation Equipment 1800 3. Dec. 31 Uncanned Revenue 77760 Commission Revenue 77760 Dec 4 Salaries Expense 31 1776 Salaries Payable 1776 5. Dec. 31 Accounts Receivable Rent Reverse 6. Dec. 31 Interest Expense Interest Payable 7. Dec. 31 Telephone Expense Accounts Payable Prepare the journal entries to record: 1. 2. the payment of wages on Wednesday, January 5 (item 4). the receipt of the cheque from the children's choir on January 10 (item 5). the payment of the telephone bill on January 12 (item 7). the payment of the note and interest on May 30,2022 (item 6). 4 (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to the nearest whole dollar, eg. 5,275. If no entry is required, select "No Entry for the account titles and enter for the amounts.) No. Date Account Titles and Explanation Debit Credit 1 Jan 5 Salaries Payable 1776 Cash 2 Jan. 10 Cash Rent Revenue Rent Payable 3. Jan. 12 Accounts Payable Rent Revenue Rent Payable 3. Jan. 12 > Accounts Payable Cash May 30 Notes Payable Interest Payable Interest Expense Cash Sve for later Last saved 15 minutes ago Saved work will be auto submitted on the due date Auto Attempts: 0 of 1 used Submit