Adjusting entry required on december 31, 2023

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Reference no: EM133561105

Question: Splish Splash Art is a centre that offers children's music and dance lessons. Splish Splash prepares annual financial statements and has a December 31, 2023, year-end. a. On September 1, Splish Spash Art collects $17,600 cash for dance lessons running from September 1, 2023 to December 31, 2023. b. On October 1, Splish Splash Art collects $7,400 cash in advance from the Music Box Inc. ($3,700 per month) to rent its performance stage for the full month of December 2023 and January 2024. c. On October 1, 2023, Splish Splash Art collects $11,600 cash for four months of music lessons for a local private school. The lessons run from October 1, 2023 to January 31, 2024.

Required: For the above transactions, record the initial journal entry and the adjusting entry required on December 31, 2023.

Reference no: EM133561105

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