solved: The following independent items for The a tre

Dupuis during the year

solved: The following independent items for The a tre Dupuis during the year
The following independent items for The?a?tre Dupuis during the year ended November 30,
2017, may require a transaction journal entry, an adjusting entry, or both. The company records
all prepaid costs as assets and all un
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items-for-the-a-tre-dupuis-during-the-year
solved: The following independent items for The a tre Dupuis during the year
The following independent items for The?a?tre Dupuis during the year ended November 30,
2017, 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 it adjusts accounts
annually.1. Supplies on hand amounted to $950 on November 30, 2017. On January 31, 2017,
additional supplies were purchased for $2,880 cash. On November 30, 2017, a physical count
showed that supplies on hand amounted to $670.2. The?a?tre Dupuis puts on 10 plays each
season. Season tickets sell for $200 each and 310 were sold in August for the upcoming
2017-2018 season, which starts in September 2017 and ends in June 2018 (one play per
month). The?a?tre Dupuis credited Unearned Revenue for the full amount received.3. The total
payroll for the theatre is $4,500 every Wednesday for employee salaries earned during the
previous five-day week (Wednesday through Sunday). Salaries were last paid (and recorded)
on Wednesday, November 29. In 2017, November 30 falls on a Thursday. The next payday is
Wednesday, December 6, 2017.4. The?a?tre Dupuis rents the theatre to a local seniors' choir,
which uses the space for rehearsals twice a week at a rate of $425 per month. The new
treasurer of the choir accidentally sent a cheque for $245 on November 1. The treasurer
promised to send a cheque in December for the balance when she returns from her vacation.
On December 4, The?a?tre Dupuis received a cheque for the balance owing from November
plus all of December's rent.5. On June 1, 2017, the theatre borrowed $11,000 from La caisse
populaire Desjardins at an annual interest rate of 4.5%. The principal and interest are to be
repaid on February 1, 2018.6. Upon reviewing the books on November 30, 2017, it was noted
that the utility bill for the month of November had not yet been received. A call to Hydro-
Que?bec determined that the utility bill was for $1,420. The bill was paid on December 10.7.
Owned a truck during the year that had originally been purchased on December 1, 2013, for
$37,975. The truck's estimated useful life is eight years.Instructions(a) Prepare the journal
entries to record the original transactions for items 1 through 5.(b) Prepare the year-end
adjusting entries for items 1 through 7.(c) Prepare the journal entries to record:1. the payment of
wages on Wednesday, December 6 (item 3).2. The receipt of the cheque from the seniors' choir
on December 4 (item 4).3. The payment of the utility bill on December 10 (item 6).4. The
payment of the note and interest on February 1, 2015 (item 5).TAKING IT FURTHERThere are
three basic reasons why an unadjusted trial balance may not contain complete or up-to-date
data. List these reasons and provide examples of each one using items 1 to 7 to illustrate your
explanation.View Solution:
solved: The following independent items for The a tre Dupuis during the year
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