READ THE SPECIFIC INSTRUCTIONS BELOW ON HOW TO FORMAT YOUR ANSWERS$**$

Sue Flay's Cakery has a calendar year$-$end. The following transactions occurred during the year:

On June $1,$ it obtained an insurance policy and paid $$14,760$ for twelve $(12)$ months, beginning immediately. You may assume an equal amount of the insurance is used up for each month during the term of the insurance policy.

On August $1,$ it received $$7,884$ from a customer for prepaid cakes. The customer will be receiving these cakes in an equal amount for the next nine $(9)$ consecutive months.

On November $1,$ it received an invoice from Southern California Edison for $$1,192$ for its use of utilities. It paid the invoice in full on November $16.$

On December $18,$ it billed $$1\mathrm{.}023$ to a customer for catering services already provided. The customer paid the invoice on December $29.$

QUESTIONS:

For each transaction, prepare the journal entry to record the transactions. Make sure to properly format yourjoumal entry. $($HINT: there are six entries you must make.$)($Each correct journal entry is worth $1$ point.$)$

For each transaction, prepare any necessary adjusting journal entry as of June $30($or any other applicable date provided$).$ Make sure to properly format your joumal entry. You may properly assume no adjusting entries have been prepared at the end of each month previously. $($HINT: there are two entries you must make.$)($Each correct journal entry is worth $1$ point.$)$

SPECIFIC INSTRUCTIONS: For each journal entry, type your response in the following format:

DR $($account name$)$ $$($amount$)$

CR $($account name$)$ $$($amount$)$

Do not attempt to indent your credits as they will not format correctly, and we will not be able to grade your answer. Disregard this specific instruction at your own risk.

For example, if you are making an entry to debit Cash for $$100$ and credit Accounts Payable for $$100,$ you would enter the following:

DR Cash $$100$

CR Accounts Payable $$100$

WARNING: we will be closely examining your work to check for similarities with other students' work, so don't even think about trying to commit academic dishonesty.