|.||On October 1, 2020, the company had a balance of $2,170 in its supplies account. Additional supplies were purchased during the year totalling $1,760. The supplies inventory on September 30, 2021, amounts to $920.|
|2.||On November 1, 2020, Crane purchased a one-year insurance policy for $3,060.|
|3.||On January 2, 2021, a client paid $1,860 for six months of lessons starting April 2, 2021.|
|4.||On February 1, 2021, Crane purchased a grand piano (to be used in music lessons) for $29,760. The piano’s estimated useful life is 16 years.|
|5.||On May 1, 2021, Crane borrowed $28,080 from the bank and signed a 10-month, 4% note payable. Interest and principal are to be paid at maturity.|
|6.||On August 1, 2021, Crane signed a contract with a neighbourhood school to provide weekly piano lessons to some of its students for a fee of $2,060 per month. The contract called for lessons to start on September 1, 2021. The school has not yet been sent an invoice for the month of September.|
|7.||On August 15, 2021, the company paid $9,720 to Pinnacle Holdings to rent additional studio space for nine months starting September 1. Crane recorded the full payment as Prepaid Rent.|
|8.||Crane’s instructors have earned salaries of $3,270 for the last week of September 2021. This amount will be paid to the instructors on the next payday: October 6, 2021.|
|9.||Music lessons were provided to a local church group for $1,560 on September 30, 2021. Crane has not yet invoiced the group or recorded the transaction.|
|10.||In early October 2021, Crane received an invoice for $895 from the utility company for September utilities. The amount has not yet been recorded or paid.|
|1.||Carla Vista Paintball has a 3% note payable with its bank for $ 40,800. Interest is payable on a monthly basis on the first of the month.|
|2.||Carla Vista Paintball is open seven days a week and employees are paid a total of $ 3,780 every Monday for a seven-day (Monday–Sunday) workweek. June 30, 2021, is a Wednesday so employees will have worked three days (Monday–Wednesday) before the year end that they have not been paid for as at June 30. Employees will be paid next on Monday, July 5, 2021.|
|3.||Carla Vista Paintball receives a commission from Pizza Shop next door for all pizzas sold to customers using the Carla Vista Paintball facility. The amount owing for June is $ 540, which Pizza Shop will pay on July 7, 2021.|
|4.||The June utility bill for $ 430 was unrecorded on June 30. Carla Vista Paintball paid the bill on July 9, 2021.|
|5.||Carla Vista Paintball sold some equipment on June 1, 2021, in exchange for a $ 8,400, 8% note receivable. The principal and interest are due on September 1, 2021.|
|1.||At the end of the year, the unadjusted balance in the Prepaid Insurance account was $ 3,190. Based on an analysis of the insurance policies, $ 2,870 had expired by year end.|
|2.||At the end of the year, the unadjusted balance in the Unearned Revenue account was $ 2,070. During the last week of December, $ 550 of the related services were performed.|
|3.||On July 1, 2021, Grant signed a note payable for $ 9,700. The loan agreement stated that interest was 4%.|
|4.||Depreciation for the computer and printing equipment was $ 2,120 for the year.|
|5.||At the beginning of the year, Grant’s had $ 820 of supplies on hand. During the year, $ 1,310 of supplies were purchased. A count at the end of the year indicated that $ 820 of supplies was left on December 31.|
|6.||Between December 28 and December 31 inclusive, three employees worked eight-hour shifts at $ 16.25 per hour. The employees will be paid for this time worked on January 10.|
|7.||On December 31, it was determined that $ 5,800 of services had been provided but the bookkeeper did not record it.|
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