Problem 1: Last year, on January 1, 2018, Mindy paid for a three-year insurance contract totaling $9,600. Record this year's (2019's) expiration of insurance.
Problem 2: Throughout the year, Mindy has used up $8,750 of baking supplies used for baked goods.
Problem 3: Mindy had sales of $14,500 for her baked goods. She only accepted cash and did not collect sales tax.
Problem 4: Mindy currently rents a small space that has room for her kitchen and a retail area. Her rent expense per month is $750. She pays her rent in cash, and has not recorded a rental payment in the books yet this year.
Problem 5: Mindy also paid $200 a month in utilities throughout the year in cash.
Problem 6: On January 1st, Mindy sold one of her ovens for $3,000. She originally purchased for $4,500 and it had accumulated depreciation of $2,700.
Problem7: In previous years Mindy had purchased all of her kitchen equipment for a total of $16,000. Current year depreciation for the remaining kitchen equipment (after the sale of the oven) is $2,300.
Problem 8: On March 1st of this year, Mindy decided to start selling baking sheets as well as baked goods. She purchased shelving and tables to display her retail inventory on account for $4,000.
Problem 9: Mindy determined the shelving and tables that she purchased on March 1st to have a useful live of 5 years. She uses straight-line depreciation. Record depreciation for this year.
Problem 10: Mindy has been teaching baking classes in people's homes. She sells tickets in advance and accepts credit cards. She had done 20 parties in 2019, with 8 people attending each party, at $100 per ticket. She pays a credit card fee of 2%.
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