On September 1, booked the race track for a private organization that will use t

Question

On September 1, booked the race track for a private organization that will use the track one day per month for $2,000 each time, to be paid in the following month. The organization uses the track on September 30. First prepare the journal entry, if any, required to record each of the initial business activities on September 1. Then, prepare the adjusting journal entries, if any, required on September 30. (In cases where no entry is required, please select the option "No journal entry required" for your answer to grade correctly. Leave no cells blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.)

Explanation / Answer

Hi, Please find the entries as follows: 1st September Accounts Receivable Dr. 2000 To Track Revenue Cr. 2000 No Journal Entry will be required to be made on 30th September since the money is still to be collected. Thanks.

Related Questions

Navigate

• Browse (All)
• Browse O
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.