question C

A. On June 13, Smit University sold 9,000 season football tickets at $100 each for its five-game home schedule (45,000 total tickets). What entry should be made when the tickets are sold? What entry should be made after each game? Answer this question in Journal Entry format (don't worry about the General Ledger posting this time)... NOT Accounting Equation format. B. Jim and Jan borrowed $30,000 on a 7-month, 5% note from Ohio State Bank to open their business, JJ's Meatball House. The money was borrowed on May 1, and the note matures December 1. Use the Accounting Equation format to answer this question, wherever appropriate. 1. Prepare the accounting entry to record the receipt of cash on May 1. II. Prepare the entry to accrue the interest on May 30. III. Assuming adjusting entries are made at the end of each month, determine the balance in the interest payable account at November 30 (you can use one row of the accounting equation to record the entry for each month's interest until you reach November 30). Enter this number in a cell, using an Excel formula, and highlight/label it. IV. Prepare the entry required on December 1, when the loan is paid back. C. JumJum Company issued $520,000, 15-year, 4% bonds at 98. Prepare the accounting entry to record the sale of these bonds on January 1. Answer this question in Journal Entry format (don't worry about the General Ledger posting this time). Use MS Excel formulas for your calculations. D. Shepards Pi Corp. redeemed $172,000 face value, 9% bonds on April 30, at 103. The carrying value of the bonds at the redemption date was $155,414. The bonds pay annual interest, and the interest payment due on April 30, had already been made and recorded. Prepare the appropriate entry for the redemption of the bonds using the Journal Entry format (don't worry about the General Ledger posting this time)