Question: Current Attempt in Progress Indigo Co. provides music lessons to many clients across the city. The following information is available to be used in recording


Current Attempt in Progress Indigo Co. provides music lessons to many clients across the city. The following information is available to be used in recording annual adjusting entries at the company's September 30, 2024, year end: 1. On September 30,2023 , the company had a balance of $2,030 in its Supplies account. Additional supplies were purchased during the year totalling $1,730. The supplies inventory on September 30, 2024, amounts to $760. 2. On November 1,2023, Indigo purchased a one-year insurance policy for $3,360. 3. On Januacy 2, 2024, a client paid \$1,680 for six months of lessons starting April 2, 2024. 4. OnFebruary 1, 2024, Indigo purchased a grand piano (to be used in music lessons) for \$23,760. The piano's estimated useful 5. On May 1, 2024, Indigo borrowed $24,240 from the bank and signed a 10 - month, 6% note payable. Interest and principal are to be paid at maturity. 6. On August 1, 2024, Indigo signed a contract with a neighbourhood school to provide weekly piano lessons to some of its students for a fee of $1,880 per month. The contract called for lessons to start the beginning of September. The school has not yet been sent an invoice for the entire month of September. 7. On August 15,2024 , the company paid $10,710 to Shamrock Holdings to rent additional studio space for nine months starting September 1 . Indigo recorded the full payment as Prepaid Rent. 8. Indigo's instructors have earned salaries of $2,920 for the last week of September 2024 . This amount will be paid to the instructors on the next payday in October. 7. On August 15,2024 , the company paid $10,710 to Shamrock Holdings to rent additional studio space for nine months starting September 1. Indigo recorded the full payment as Prepaid Rent. 8. Indigo's instructors have earned salaries of $2.920 for the last week of September 2024. This amount will be paid to the instructors on the next payday in October. 9. Music lessons were provided to a local church group for $1,380 on September 30,2024. Indigo has not yet invoiced the group or recorded the transaction. 10. In early October 2024, Indigo received an invoice for $935 from the utility company for September utilities. The amount has not yet been recorded or paid. Prepare the adjusting entries. (Credit account titles are cutomatically indented when amount is entered. Do not indent manually. Round answers to the nearest whole dollar, e. 5.5,275. If no entiy is fequired, selec " "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.)
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