Reference no: EM132613871
Question - Blossom Paintball records adjusting entries on an annual basis. The company has the following information available on accruals that must be recorded for the year ended June 30, 2021.
1. Blossom Paintball has a 6% note payable with its bank for $48,000. Interest is payable on a monthly basis on the first of the month.
2. Blossom Paintball is open seven days a week and employees are paid a total of $4,200 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. Blossom Paintball receives a commission from Pizza Shop next door for all pizzas sold to customers using the Blossom Paintball facility. The amount owing for June is $600, which Pizza Shop will pay on July 7, 2021.
4. The June utility bill for $385 was unrecorded on June 30. Blossom Paintball paid the bill on July 9, 2021.
5. Blossom Paintball sold some equipment on June 1, 2021, in exchange for a $7,200, 6% note receivable. The principal and interest are due on September 1, 2021.
Required - For each of the above items, prepare the journal entry to record the related cash transaction in the 2022 fiscal year. Assume all payments and receipts are made as indicated.
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Prepare the journal entries for the issue of shares
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Explain overall health of the company
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What are the challenges facing leaders in environment
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What would the price be following the recapitalization
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Prepare journal entry to record the related cash transaction
: For each of the above items, prepare the journal entry to record the related cash transaction in the 2022 fiscal year
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Describe the core values of the organization
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Brief overview of the chosen research area
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Find what coupon interest rate must company set on bonds
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How much will he will sell the car after five years
: $2,000 today and $3,500 after 4 years from today. Assuming that interest rates in the economy is 7.5%, who is better off Ahmed or Mostafa and why?
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