The following transactions occur for Cardinal Music Academy during the month of October:
a. Provide music lessons to students for $7,000 cash.
b. Purchase prepaid insurance to protect musical equipment over the next year for $3,000 cash.
c. Purchase musical equipment for $10,000 cash.
d. Obtain a loan from a bank by signing a note for $10,000.
Record the transactions. The company uses the following accounts: Cash, Prepaid Insurance, Equipment, Notes Payable, and Service Revenue. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “The following transactions occur for Cardinal Music Academy during the month of October: a. Provide music lessons to students for $7,000 ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
The google business model is similar to the model followed by which other industry
Answers (1)
A popular low-cost airline, parson corp., has gone out of business. although the service and price provided by the airline was what customers wanted, the larger airlines were able to drive the low-cost airline out of business through an aggressive
Answers (1)
When average total cost is at its minimum a. average total cost is equal to average variable cost. b. average variable cost is declining in output. c. marginal cost is greater than average total cost. d. marginal cost is equal to average total cost?
Answers (1)
Give four examples of routine decisions.
Answers (1)
An office has total expenses of $16,986 and total income of $20,986. The gross income of the business is
Answers (1)
New Questions in Business
Which payment type is best if you are trying to stick to a budget? ADebit Card BPayday Loan CCash Advance DCredit Card
Answers (1)
On January 1, Shady Creek Resort borrowed $250,000 cash by signing a 10-year, 8% installment note requiring annual equal payments each December 31 of $37,258.
Answers (1)
What are the three main responsibilities of a superintendent before construction can begin? A) set up the field office, organize the job site, and establish the working hours B) set up the field office, organize the job site, and clean the tools and
Answers (1)
Are Layoffs predictable. True or false
Answers (1)
The annual interest earned on an amount deposited into a bank account will be the same each year when compound interest is used. a. True b. False
Answers (1)