Question
Can you do an example of a journal entry for me and explain and answer the question on the bottom so i can understand? EBN
Can you do an example of a journal entry for me and explain and answer the question on the bottom so i can understand?
EBN Sports operates a game facility. They offer monthly memberships for and also offer guest passes for nonmembers. They also sell gift cards and offer concession snacks and drinks. During the month of February, EBN Sports had the following activities take place.
- Received $8,896 cash from customers for membership services that had been earned in February.
- Received $6,707 cash from corporate customers billed in January for concession snacks and drinks provided for corporate events in January
- Received $2,851 cash from Andeavor as an advance on a company party to be held in March.
What is the total net increase to assets in February?
I believe the answer would be 8896 + 2851 = 11,747. because they received the money in advance right? even though it is being held in march?
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