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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

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A firm purchased goods on January 27 with a purchase price of $1,000 and credit terms of 2/10 net 30 EOM. The firm paid for thes
alexira [117]

Answer:

$1,000

Explanation:

the journal entry to record the purchase of the goods should be:

January 27, merchandise purchased on account, credit terms 2/10, n/30

Dr Merchandise inventory 1,000

    Cr Accounts payable 1,000

the journal entry to record the payment of the invoice 13 days later should be:

Dr Accounts payable 1,000

    Cr Cash 1,000

since the discount period is over, the invoice should be paid at full amount

5 0
3 years ago
Please answer both questions in complete sentences
pogonyaev

Answer:

Number 1 question: payroll taxes

income taxes

wages

short term loans

outstanding expenses

Number 2 question:

In its simplest form, your balance sheet can be divided into two categories: assets and liabilities. Assets are the items your company owns that can provide future economic benefit. Liabilities are what you owe other parties. In short, assets put money in your pocket, and liabilities take money out!

Explanation:

8 0
2 years ago
a 2-year treasury security currently earns 6.75 percent. over the next two years,the real interest rate is expected to be 3.18 p
Anna35 [415]

The maturity risk premium on the 2-year Treasury security is C. 1.39%

Using this formula

rd = r* + IP + MRP

Where

rd represent Required rate of return on 2-year Treasury Security = 6 75%

r* represent real risk free return = 3.18%

IP represent Inflation Premium = 2.18%

MRP represent Maturity Risk Premium

Let plug in the formula

6.75% = 3.18% + 2.18% + MPR

6.75%=5.36%

MRP=6.75% -5.36%

MRP = 1.39%

Inconclusion the maturity risk premium on the 2-year Treasury security is C. 1.39%.

Learn more here:

brainly.com/question/15314847

3 0
2 years ago
LIFO uses the ______ unit costs for Cost of Goods Sold on the income statement and the ______ unit costs for Inventory on the ba
Tasya [4]

LIFO uses the last unit costs for Cost of Goods Sold on the income statement and the first unit costs for Inventory on the balance sheet.

<h3>What is LIFO?</h3>

LIFO means last in first out. It means that it is the last purchased inventory that is the first to be sold.

For example, if beginning inventory consists of 10 units at $10 per unit. In the middle of the month, 10 units were bought at $15 per unit. At the end of the month, 10 units were sold. Using LIFO, the cost of goods sold would be $150 ( 10 x 15). Ending inventory would be $100 ($10 x 10).

To learn more about LIFO, please check: brainly.com/question/13779572

3 0
2 years ago
Everything else held constant, an increase in uncertainty on business will_____ the required rate of return on its stock and ___
wlad13 [49]

Answer:

the answer is C

Explanation:

6 0
3 years ago
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