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Record the initial journal entry and the adjusting entry

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Reference no: EM132904454

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.

  • On September 1, Splish Spash Art collects $17,500 cash for dance lessons running from September 1, 2020 to December 31, 2020.
  • On October 1, Splish Splash Art collects $7,200 cash in advance from the Music Box Inc. ($3,600 per month) to rent its performance stage for the full month of December 2020 and January 2021.
  • On October 1, 2020, Splish Splash Art collects $11,300 cash for four months of music lessons for a local private school. The lessons run from October 1, 2020 to January 31, 2021.

Required:

Problem 1: For the above transactions, record the initial journal entry and the adjusting entry required on December 31, 2020.

Reference no: EM132904454

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