The Stan Still Stationery Store has a calendar year end The following transactions occurred during the year On October 1, it received $4,088 from a customer for prepaid printing services The customer will be using these printing services in an equal amount for the next four (4) consecutive months On November 1, it signed a lease to rent a storefront for $10,728 for twelve (12) months, beginning immediately You may assume an equal amount of the rent is used up for each month during the term of the lease On December 2, it received an invoice from its attorney for $515 It paid the invoice in full on December 17 On December 10, it billed $2,433 to a customer for sales of office supplies The customer paid the invoice on December 23 QUESTIONS For each transaction, prepare the journal entry to record the initial transaction Make sure to properly format your journal entry (HINT there are four entries you must make ) (Each correct journal entry is worth 1 point ) For each transaction, prepare any necessary adjusting journal entry as of December 31 (or any other applicable date provided) Make sure to properly format your journal entry You may properly assume no adjusting entries have been prepared at the end of each month previously (HINT there are four entries you must make ) (Each correct journal entry is worth 1 point )

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Posted on Sep 29, 2024

The Stan Still Stationery Store has a calendar year-end. The following transactions occurred during the year:

On October 1, it received $4,088 from a customer for prepaid printing services. The customer will be using these printing services in an equal amount for the next four (4) consecutive months.
On November 1, it signed a lease to rent a storefront for $10,728 for twelve (12) months, beginning immediately. You may assume an equal amount of the rent is used up for each month during the term of the lease.
On December 2, it received an invoice from its attorney for $515. It paid the invoice in full on December 17.
On December 10, it billed $2,433 to a customer for sales of office supplies. The customer paid the invoice on December 23.

QUESTIONS:

For each transaction, prepare the journal entry to record the initial transaction. Make sure to properly format your journal entry. (HINT: there are four entries you must make.) (Each correct journal entry is worth 1 point.)
For each transaction, prepare any necessary adjusting journal entry as of December 31 (or any other applicable date provided). Make sure to properly format your journal entry. You may properly assume no adjusting entries have been prepared at the end of each month previously. (HINT: there are four entries you must make.) (Each correct journal entry is worth 1 point.)