1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Fiesta28 [93]
3 years ago
6

During the month of September, the Texas Go-Kart Company had the following business activities: a. On September 1, paid rent on

the track facility for six months at a total cost of $7,200. b. On September 1, received $45,600 for season tickets for 12-month admission to the race track. On September 1, booked the race track for a private organization that will use the track one day per month for $1,700 each time, to be paid in the following month. The organization uses the track on September 30. d. On September 1, hired a new manager at a monthly salary of $2,300, to be paid the first Monday following the end of the month. Required: 1. Prepare the journal entry, if any, required to record each of the initial business activities on September 1 2. Prepare the adjusting journal entries, if any, required on September 30
Business
1 answer:
KiRa [710]3 years ago
6 0

Answer:

Explanation:

a)

Sept.1

Dr Prepaid rent 7200

   Cr Cash 7200

Sept.30

Dr Rent expense (7200/6) 1200

    Cr Prepaid rent 1200

b)

Sept.1

Dr Cash 45,600

   Cr Unearned revenue 45,600

Sept.30

Dr Unearned revenue (45,600/12) 3800

   Cr Ticket revenue 3800

d)

Sept.1 - no journal entry

Sept.30

Dr Salary expense 2300

    Cr Salaries payable 2300

You might be interested in
Suppose that the equation for the SML is Y = 0.05 + 0.07X, where Y is the average expected rate of return, 0.05 is the vertical
timurjin [86]

Answer:

Risk free interest rate is 5%

Y is 15.5% at a Beta of 1.5

X is 0.29 when Y is 7%

Explanation:

Risk free interest is 0.05 which 5% as given in the equation

The average expected return is given by Y

Y=0.05+0.07X

Since Beta is the same as X, when equals 1.5,Y is calculated thus

Y=0.05+0.07(1.5)

Y=0.05+0.105

Y=0.155

Y=15.5%

The value of Beta at an average return of 7% is computed thus:

7%=0.05+0.07X

where X is the unknown

0.07=0.05+0.07X

0.07-0.05=0.07X

0.02=0.07X

X=0.02/0.07

X=0.29

The scenario  illustrates that the Beta, which is the risk of investment and the Y , the expected average return are positively correlated.

6 0
3 years ago
The most likely effect of a write-down of inventory to net realizable on a firm's total asset turnover is:
Y_Kistochka [10]
<span>The most likely effect of a write-down of inventory to net realizable on a firm's total asset turnover is an increase.

</span>A write-down of inventory to net realizable value is typically recognized as an increase in cost of goods sold in the period of the write-down, according the <span>inventory equation:
</span><span>ending inv</span>entory = beginning inventory + purchases - cost of goods sold
7 0
3 years ago
By following the strategic planning process, HR teams and stakeholders have a higher likelihood of success in addressing a busin
Semmy [17]

Answer:

True

Explanation:

Strategic planning process is what help identify the objectives of a business and then develop plan to achieving those objectives. It gives direction to management decision while addressing business challenges.

The aim of strategic planning process is to prevent a company from carrying out task without directions because when those controlling business or its owners do not have clear vision, wrong decision may be made hence create problems for the employee regarding their stand in the company.

Strategic planning process includes identifying strategic position, gather information, conduct SWOT analysis, create a strategic plan, execute the strategic plan etc.

8 0
3 years ago
Dividing responsibility among some of the team members is effective delegation
konstantin123 [22]

Answer:true

Explanation:

Because dividing tasks get more accomplished faster

5 0
3 years ago
Which word or phrase below is a synonym for relevant? old-fashioned important out of date off-topic
NARA [144]

Answer:

important

Explanation: h

5 0
4 years ago
Other questions:
  • Compared to commercial banks, finance companies usually signal solvency and safety concerns by
    7·1 answer
  • Unionization may restrict the freedom of management in many areas?
    5·2 answers
  • .Goehler, Inc. acquires all of the voting stock of Kenneth, Inc. on January 4, 2017, at an amount in excess of Kenneth's fair va
    12·1 answer
  • Which of the following is known as a partnership agreement? articles of partnership distribution of assets shared liability the
    8·1 answer
  • The Gorman Group issued $920,000 of 9% bonds on June 30, 2021, for $1,011,047. The bonds were dated on June 30 and mature on Jun
    11·1 answer
  • rialto company collected $5,000 on account. what impact will this transaction have on the firm's current ratio
    7·1 answer
  • Great Harvest Bakery purchased bread ovens from New Morning Bakery. New Morning Bakery was closing its bakery business and sold
    15·1 answer
  • The ACME manufacturing company is weighing its options to source Component X. Supplier A would cost $3000 per order plus $2.50 f
    14·1 answer
  • Selecting a job based on your skills and interests is important, because on average, a person with a full time job works approxi
    13·1 answer
  • Look at the following email (attached). Name two good email netiquette practices used in the
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!