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Record initial journal entry and adjusting entry required

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Reference no: EM133182418

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, 2020, year-end.

a. On September 1, Splish Spash Art collects $17,100 cash for dance lessons running from September 1, 2020 to December 31, 2020.

b. On October 1, Splish Splash Art collects $7,000 cash in advance from the Music Box Inc. ($3,500 per month) to rent its performance stage for the full month of December 2020 and January 2021.

c. On October 1, 2020, Splish Splash Art collects $11,000 cash for four months of music lessons for a local private school. The lessons run from October 1, 2020 to January 31, 2021.

Required - For the above transactions, record the initial journal entry and the adjusting entry required on December 31, 2020.

Reference no: EM133182418

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