Entertainment Ltd will be hosting a concert on 29 August 2019. Entertainment Ltd has the following transactions
Question:
Entertainment Ltd will be hosting a concert on 29 August 2019. Entertainment Ltd has the following transactions in August 2019 associated with the concert and its business. Prepare the journal entries (for 1–3) in good form using the most appropriate account titles (as referenced in the table below).
Transactions:
1. Entertainment Ltd sold 10 000 tickets and collected payment on 1 August for the 29 August concert. Tickets were priced at $50 each.
2. Entertainment Ltd paid $90 000 cash to TEK Arena on 4 August to host the 29 August concert.
3. Entertainment Ltd performed the concert on 29 August.
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Here are the journal entries for the transactions of Entertainment Ltd in August 2019 Entertainment ...View the full answer
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Related Book For 
Financial Accounting An Integrated Approach
ISBN: 9780170411028
7th Edition
Authors: Ken Trotman, Elizabeth Carson
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