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Need help on accounting part 2: a. Wild paid $4,000 cash on October 1, to rent an arena for the months of October and November.
Need help on accounting
part 2:
a. | Wild paid $4,000 cash on October 1, to rent an arena for the months of October and November. | |||||||
b. | Arena received $16,000 on October 1, for season tickets that admit patrons to a theatre event | |||||||
that will be held twice (on October 31 and November 30). | ||||||||
c. | Ramblers paid $3,000 on October 1, for insurance coverage for the months of October - December. | |||||||
October 1st INITIAL entries | October 31st ADJUSTING entries | |||||||
a. | Prepaid Rent | 4,000 | a. | Rent Expense | 2,000 | |||
Cash | 4,000 | Prepaid Rent | 2,000 | |||||
b. | b. | |||||||
c. | c. | |||||||
part 2 continued
a. | Yaya Magazine received $12,000 on January 1, 2014 for subscriptions to magazines that will be | ||||||||
published and distributed in January through December 2014. | |||||||||
b. | Yale University paid $1,200 cash for supplies on January 1, 2014. As of January 31, 2014, $300 of | ||||||||
these supplies had been used up. | |||||||||
c. | BMX Raceway received $6,000 on January 1, 2014, from race participants for 3 races. One race is held on | ||||||||
January 31, 2014 and the other two will be held in March 2014. | |||||||||
January 1st INITIAL entries | January 31st ADJUSTING entries | ||||||||
a. | Cash | 12,000 | a. | Unearned Revenue | 1,000 | ||||
Unearned Revenue | 12,000 | Revenue | 1,000 | ||||||
b. | b. | ||||||||
c. | c. | ||||||||
part 2 continued
a. | On September 1, paid rent on the track facility for six months at a total cost of $18,000. | |||||||
b. | On September 1, received $120,000 for season tickets for 12-month admission to the race track. | |||||||
September 1 INITIAL entries | September 30 ADJUSTING entries | |||||||
a. | a. | |||||||
b. | b. | |||||||
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