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Would appreciate help on this The following ledger accounts are used by the Chicago Heights Dog Track: Accounts Receivable Printing Expense Prepaid Printing Rent Expense
Would appreciate help on this The following ledger accounts are used by the Chicago Heights Dog Track: Accounts Receivable Printing Expense Prepaid Printing Rent Expense Prepaid Rent Admissions Revenue Unearned Admissions Revenue For each of the following transactions below, prepare the journal entry (if one is required) to record the initial transaction and then prepare the adjusting entry, if any, required on September 30, the end of the fiscal year. 1. On September 1, paid rent on the track facility for three months, $225,000. 2. On September 1, sold season tickets for admission to the racetrack. The racing season is year-round with 25 racing days each month. Season tickets totaled $840,000. 3. On September 1, borrowed $200,000 from First National Bank by issuing a 9% note payable due in three months. 4. On September 5, schedules for 20 racing days in September, 25 racing days in October, and 15 racing days in November were printed for $3,000.
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