Splish Splash Art is a centre that offers childrens music and dance lessons. Splish Splash...
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Accounting
Splish Splash Art is a centre that offers childrens 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 $20,900 cash for dance lessons running from September 1, 2020 to December 31, 2020.
- On October 1, Splish Splash Art collects $5,400 cash in advance from the Music Box Inc. ($2,700 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 $8,600 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.
- On September 1, Splish Spash Art collects $20,900 cash for dance lessons running from September 1, 2020 to December 31, 2020.
- On October 1, Splish Splash Art collects $5,400 cash in advance from the Music Box Inc. ($2,700 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 $8,600 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.
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