Business, 17.10.2020 21:01, robertojr24ov5pel
The following ledger accounts are used by the Heartland Race Track
Accounts Receivable
Prepaid Advertising
Prepaid Rent
Unearned Sales Revenue
Sales Revenue
Advertising Expense
Rent Expense
For each of the following transactions below, prepare the journal entry (if one is required) to record the initial transaction and then prepare the adjusting entry, if any, required on November 30, the end of the fiscal year.
A) On November 1, paid rent on the track facility for three months, $180,000.
B) On November 1, sold season tickets for admission to the racetrack. The racing season is year-round with 25 racing days each month. Season ticket sales totaled $1,152,000.
C) On November 1, borrowed $300,000 from First National Bank by issuing a 6% note payable due in three months.
D) On November 5, programs for 20 racing days in November, 25 racing days in December and 15 racing days in January were printed for $3,600.
E) The accountant for the concessions company reported that gross receipts for November were $168,000. 10% is due to Heartland and will be remitted by December 10.
Prepare the journal entry (if one ls required) to record the Initial transaction.
Prepaid Rent 150,000
Cash 150,000
Cash 960,000
Unearned Sales
Revenue 960,000
Cash 250,000
Notes Payable 250,000
Prepaid
Advertising 3,000
Cash 3,000
Answers: 2
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The following ledger accounts are used by the Heartland Race Track
Accounts Receivable
Prepai...
Prepai...
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