Question
For each of the following independent situations, indicate the adjusting entry that must be made on the December 31, 2016 worksheet. A) On December 31,
For each of the following independent situations, indicate the adjusting entry that must be made on the December 31, 2016 worksheet.
A) On December 31, 2016, the notes receivable account at many in materials had a balance of 21,000 which represented a six month, 10 percent note received.l from customer in 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
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