Reference no: EM132702635
1) on October 1, 2020 the company had a balance of $2200 in its supplies account additional supplies were purchased during the year totalling $1910. The supplies inventory on September 30, 2021, amount to $710.
2) on November 1, 2020. Cullumber purchase a one year insurance policy for $3420.
3) on January 2, 2021 a client paid $1800 for six months of lessons starting April 2, 2021
4) on February 1, 2021 cullumber purchase a grand Plano ( to be used in music lessons) for $33480. The piano estimate useful life in 18 years.
5) on may 1, 2021, cullumber borrowed $25080 from the bank and signed a 10 month , 8% note payable. Interest and paid principal are to be paid at maturity.
6) on august 15, 2021 the company paid $10170 to pinnacle holiday to rent additional studio space for nine months starting September 1. Cullumber record the full payment as prepaid rent.
7) music lessons were provided to a local church group for $1500 on September 30, 2021. Cullumber has not yet invoiced the group or recorded the transactions.
8) in early October 2022, Cullumber received an invoice for $920 from the utility company for September Utilities. The amount has not yet been recorded or paid.
Problem 1: prepare journal entries.
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