Question4of5

1.IvanhoePaintball has a4% note payable with its bank for $50,400. Interest is payable on a monthly basis on the first of the month.2.IvanhoePaintball is open seven days a week and employees are paid a total of $2,940every Monday for a seven-day (Monday-Sunday) workweek. June 30, 2021, is a Wednesday so employees will have worked three days (Monday-Wednesday) before the year end that they have not been paid for as at June 30. Employees will be paid next on Monday, July 5, 2021.

3.IvanhoePaintball receives a commission from Pizza Shop next door for all pizzas sold to customers using theIvanhoePaintball facility. The amount owing for June is $500, which Pizza Shop will pay on July 7, 2021.4.The June utility bill for $385was unrecorded on June 30.IvanhoePaintball paid the bill on July 9, 2021.5.IvanhoePaintball sold some equipment on June 1, 2021, in exchange for a $7,200,6% note receivable. The principal and interest are due on September 1, 2021.

For each of the above items, prepare the adjusting entry required at June 30, 2021.(Credit account titles are automatically indented when the amount is entered.Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

No.

Date

Account Titles and Explanation

Debit

Credit

1.June 30

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

2.June 30

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

3.June 30

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

4.June 30

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

5.June 30

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

For each of the above items, prepare the journal entry to record the related cash transaction in the 2022 fiscal year. Assume all payments and receipts are made as indicated.(Credit account titles are automatically indented when the amount is entered.Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)

Date

Account Titles and Explanation

Debit

Credit

choose a transaction date

July 1July 5July 7July 9Sept. 1

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

July 5

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

choose a transaction date

July 1July 5July 7July 9Sept. 1

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

choose a transaction date

July 1July 5July 7July 9Sept. 1

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

choose a transaction date

July 1July 5July 7July 9Sept. 1

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

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