1.On December 1 2015, Manu Company collected from Union College a total of $60,0
ID: 2481200 • Letter: 1
Question
1.On December 1 2015, Manu Company collected from Union College a total of $60,000 as rental fees for three months starting December 1. Make journal entries at the end of accounting period on December 31. 2. Union College Drama Club received $4,040 seasonal tickets from its fans. A review of its records shows that 7% of its tickets have been used. Make journal entries for the Drama Club. 3. Barcelona Inc provides cleaning services. Under the relevant tax laws, Barcelona is required to collect a sales tax on its services at the rate of 15%. During the financial year ended 2015, Barcelona provided services worth $10,000,000. Make necessary journal entries.
Explanation / Answer
1) Bank A/c 60000
To Rental Income 20000
To Advance Rental Income 40000
2) Tickets A/c 3757.2
Bad Debts A/c 282.8
To Bank A/c 4040
3) Bank A/c 11500000
To Cleaning Services 10000000
To Sales Tax A/c 1500000
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.