For each of the following transactions below, prepare the journal entry (if one
ID: 2385413 • Letter: F
Question
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. Accounts Receivable Prepaid Printing Prepaid Rent Unearned Admissions Revenue Printing Expense Rent Expense Admissions Revenue Concessions Revenue (a) On September 1, paid rent on the track facility for three months, $150,000. (b) On September 1, sold season tickets for admission to the racetrack. The racing season is year-round with 25 racing days each month. Season ticket sales totaled $900,000. (c) On September 1, borrowed $300,000 from First National Bank by issuing a 6% note payable due in three months. (d) On September 5, schedules for 20 racing days in September, 25 racing days in October, and 15 racing days in November were printed for $2,400. (e) The accountant for the concessions company reported that gross receipts for September were $140,000. Ten percent is due to the track and will be remitted by October 10. THESE ARE MY ANSWERS SO FAR NEED HELP WITH LAST ONE? Debit Credit A) Pre Paid Rent 150,000 Cash 150,000 B) Cash 900,000 Unearned Revenue 900,000 C) Cash 200,000 Notes Payable 200,000 D) Printing Expense 2,400 Cash 2,400 E) HELP?Explanation / Answer
(d) should be recorded as: Dr. Prepaid Printing 2,400 Cr. Cash 2,400 (e) DR. Unearned Revenue - 140,000 CR. Admissions Revenue 140,000 Your realized revenue is the 140,000, unearned which was recorded as 900,000 should be decreased (by a debit) to 140,000 The 10% due to the track is an accrued expense to be remitted Oct. DR. Track Commission Expense (10% X 140,000) 14,000 CR. Accrued Track Commission Expense 14,000
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