Splish Splash Art is a centre that offers childrens music and dance lessons. Splish Splash prepares annual
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, 2023, year-end.
a. On September 1, Splish Spash Art collects $15,000 cash for dance lessons running from September 1, 2023 to December 31, 2023.
b. On October 1, Splish Splash Art collects $5,000 cash in advance from the Music Box Inc. ($2,500 per month) to rent its performance stage for the full month of December 2023 and January 2024.
c. On October 1, 2023, Splish Splash Art collects $5,000 cash for four months of music lessons for a local private school. The lessons run from October 1, 2023 to January 31, 2024.
Required
For each transaction, record the initial journal entry and the adjusting entry required on December 31, 2023.
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a b C Date 2023 Sept 1 Cash Unearned Revenue To record cash received ...View the full answer
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Related Book For 
Fundamental Accounting Principles Volume 1
ISBN: 9781260881325
17th Canadian Edition
Authors: Kermit D. Larson, Heidi Dieckmann, John Harris
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