For each of the following independent situations, indicate the adjusting entry that must be made on the December 31, 2016, worksheet. Omit descriptions. a. On

Question

25 users unlocked this solution today!

For each of the following independent situations, indicate the adjusting entry that must be made on the December 31, 2016, worksheet. Omit descriptions.

a. On December 31, 2016, the Notes Receivable account at Manton Materials had a balance of $21,000, which represented a six-month, 10 percent note received from a customer on September 1.

b. During the week ended June 7, 2016, Parker Media received $50,000 from customers for subscriptions to its magazine Modern Business. On December 31, 2016, an analysis of the Unearned Subscription Revenue account showed that half of the subscriptions were earned in 2016.

c. On November 1, 2016, Prentice Realty Company rented a commercial building to a new tenant and received $54,000 in advance to cover the rent for six months. Upon receipt, the $54,000 was recorded in the Unearned Rent account.

d. On November 1, 2016, the Mighty Bucks Hockey Club sold season tickets for 50 home games, receiving $8,500,000. Upon receipt, the $8,500,000 was recorded in the Unearned Season Tickets Income account. At December 31, 2016, the Mighty Bucks Hockey Club had played 4 home games.