On 1 June, $12,900 is received from customers in advance (recorded as a liability) for painting services to be provided over the next three months. The adjusting journal entry required on 30 June at the end of the accounting cycle is (narrations not provided):

Transaction Analysis: Exercise 2:On April 20XX, J. Doff decided to open a painting business called J. Doff Painting Services. Thefollowing transactions took place during the first month of April.1. Owner contributed $20,000 cash to commence business.2. Billed customers for services performed, $9,000.3. Purchased painting supplies on credit for $400.4. Received $4,000 from customers from (2) above.5. Purchased a van for $8,000, paying $2,000 in cash and obtaining a loan for theremainder.6. Paid $100 of amount due for supplies from (3) above.7. J. Doff withdrew $1,000.8. Used $100 worth of painting supplies.9. Paid expenses in cash (advertising $300, telephone $400, electricity $300).10. Paid $2,000 off loan for van in (5) above.REQUIRED:Record the transactions in an accounting equation table (transaction analysis).

Ref-1: A major installation project was started for a customer on 1$ August, 2022. The project would take twelve months to complete. The customer paid $60,000 for the entire project upfront to Profast Limited on 1S August, 2022, and this amount was initially recorded as a 'Revenue received in advance' liability. What is the required adjusting journal entry to ensure the appropriate revenue for this project as at the 2023 June 30thfinancial year end has been accounted for?

On the first day of the New Year to get her business started, the owner/photographer of Exquisite Portraits Inc. paid $200 for business cards, $1000 for a listing in Yellow Pages, and $250 for an annual business license. She also leased a professional portrait camera and studio lighting equipment by signing an agreement to pay a monthly lease of $1000 each month for the next 12 months. This lease is ironclad: She must pay for all 12 months and she cannot sublease to anyone else. She rents her office and studio for $1,400 per month that must be paid at the beginning of each month. She does not have a lease on the office/studio, so she can vacate the office/studio at the end of any month should she decide to move to a new location or to go out of business. After she opens the office/studio on the first day of each month, her monthly cost of electricity for lighting the office and running her coffee machine is constant $45 per month, because she always keeps the lights on in the office and drinks the same amount of coffee no matter how many photos she shoots each month. Additional electricity is required for the portrait studio lights, which varies directly with number of hours the lights are used each month for photo sessions. Last year, before starting this business, the owner of Exquisite Portraits Inc. earned a salary of $5000 per month working at a bank. Answer the following questions about the costs for Exquisite Portraits Inc.:a. What are the monthly fixed costs, quasi-fixed costs, and variable costs for Exquisite Portraits Inc.?b. If the owner of Exquisite Portraits Inc. wants to close her studio and go out of business at the end of August, identify her sunk costs and avoidable costs.c. At the end of August, what role would the sunk cost play in the owner/photographer’s decision to go out of business?

Designer Architects had the following additional information at its November 30, 2023, year-end: The Unearned Revenue account showed a balance of $63,000, which represented four months of services paid in advance by a client for services beginning on October 15, 2023.The payroll register showed the following unpaid amounts as at November 30: EI*Premium IncomeTaxes* CPP* TotalDeductions NetPayable OfficeSalaries SalesSalaries90.41** 1,300.00 193.98** 1,584.39 2,915.61 2,600.00 1,900.00*These values are based on assumed payroll deductions.**The employer's portions of EI and CPP are 1.4 times and 1 times the employees' portion, respectively. The November utility bill in the amount of $2,260 was unpaid and unrecorded at November 30.Required:Prepare the appropriate entries at year-end based on the above information: (Round the final answers to 2 decimal places.)

An art shop sells art supplies:A tube of paint costs $1.50A tube of paint covers 2 square feet of canvasCanvasses are sold small or large: 1 feet by 1,5 feet or 2 feet by 3 feet.The difference in cost of the two canvasses are relative to their size.A beginners package discount consisting of one small canvas, one large canvas and four tubes of paint costs $22.A beginners package discount is $4 cheaper than buying the art supplies separately.Paint is not discounted in a beginners package.Statement: Both canvasses can be painted with a beginners package True False Insufficient information