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3 years ago

The following ledger accounts are used by the Heartland Race Track

Business

1 answer:

DIA [1.3K]3 years ago

4 0

Answer:

Heartland Race Track

Journal Entries:

A. November 1:

Debit Prepaid Rent $180,000

Credit Cash Account $180,000

To record the payment of rent for three months.

B. November 1:

Debit Cash Account $1,152,000

Credit Unearned Sales Revenue $1,152,000

To record the sale of year-round season tickets.

C. November 1:

Debit Cash Account $300,000

Credit Notes Payable $300,000

To record the issue of 6% note payable for 3 months.

D. November 5:

Debit Prepaid Advertising $3,600

Credit Cash Account $3,600

To record the printing of programs for three months.

E. Debit Accounts Receivable (Concession) $16,800

Credit Sales Revenue $16,800

To record concessions fees.

November 30: Adjusting Entries:

A. Debit Rent Expense $60,000

Credit Prepaid Rent $60,000

To adjust for rent expense for the month.

B. Debit Unearned Sales Revenue $96,000

Credit Sales Revenue $96,000

To record the earned revenue for season tickets for the month.

C. Debit Interest Expense $1,500

Credit Interest Payable $1,500

To accrue interest for one month on note payable.

D. Debit Advertising Expense $1,200

Credit Prepaid Advertising $1,200

To record advertising expense for the month.

Explanation:

Heartland Race Track will find the use of the general and adjusting journals helpful in its accounting records. They provide the needed guidance to ensure that the accounts involved in every business transaction are properly identified and entries are correctly recorded on the correct side of the accounts. Transactions are recorded following the ubiquitous accounting equation, the accrual concept, and matching principle of generally accepted accounting principles.

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Answer:

3) Corporations use acquisition as a substitute for innovation.

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3 years ago

Smith buys and sells equity securities. On December 15, 2021, Smith purchased $542,000 of Jones shares and elected the fair valu

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Answer:

$46,000

Explanation:

We can find out the the revaluation gain that need to be reported at the year end by just deducting the the cost of the investment by its current fair value .

DATA

Fair value = 588,000

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Revaluation gain = 588,000 - 542,000

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3 years ago

An assumption for a construction project could be Select one: a. a grant will be secured to help fund the project. b. the materi

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Answer:

a. a grant will be secured to help fund the project.

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In project management, a project manager can be defined as an individual or organization that temporarily undertakes a project in order to create a unique result, product, and service. Project managers strives very hard so that they can achieve their aims, goals and objectives in the most cost-effective, efficient and best manner through the use of unique set of interrelated tools, skills and tasks.

An assumption for a construction project could be, a grant will be secured to help fund the project.

Project managers sometimes embark on the execution of projects without having enough fund to finish it successfully. There assumptions are usually that once they have commenced the process, a grant can be secured from creditors, investors or financial institutions to help fund the remaining part of the project. However, since it is an assumption, they're not guaranteed that the grant will be given to them; therefore, this can result to the stalling of projects sometimes.

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3 years ago

Marriott International is a worldwide operator, franchisor, and licensor of hotels, residential, and timeshare properties totali

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Answer:

Marriott International

Journal Entries:

a. $300,000 cash

Debit Sale of Assets $8,000,000

Credit Furniture $8,000,000

To transfer the account to sale of assets account.

Debit Accumulated Depreciation $7,700,000

Credit Sale of Assets $7,700,000

To transfer the account to sale of assets account.

Cash $300,000

Sale of Assets $300,000

To record the cash receipts from the sale of assets.

No gain or loss on disposal.

b. $900,000 cash

Debit Sale of Assets $8,000,000

Credit Furniture $8,000,000

To transfer the account to sale of assets account.

Debit Accumulated Depreciation $7,700,000

Credit Sale of Assets $7,700,000

To transfer the account to sale of assets account.

Debit Cash $900,000

Credit Sale of Assets $900,000

To record the cash receipts from the sale of assets.

Sale of Assets $600,000

Gain on Disposal $600,000

To record the gain on the disposal of the furniture.

c. $100,000 cash

Debit Sale of Assets $8,000,000

Credit Furniture $8,000,000

To transfer the account to sale of assets account.

Debit Accumulated Depreciation $7,700,000

Credit Sale of Assets $7,700,000

To transfer the account to sale of assets account.

Debit Cash $100,000

Credit Sale of Assets $100,000

To record the cash receipts from the sale of assets.

Loss on Disposal $200,000

Sale of Assets $200,000

To record the loss on disposal of the furniture.

2. The disposal of an asset creates either a loss on disposal or a gain on disposal, which is normally regarded as a capital loss or a capital gain, as the case may be.

Explanation:

a) Data and Calculations:

Furniture (cost) ............................... $8,000,000

Accumulated depreciation .............. ...7,700,000

Net book value = $300,000

a. $300,000 cash

Sale of Assets $8,000,000

Furniture $8,000,000

Accumulated Depreciation $7,700,000

Sale of Assets $7,700,000

Cash $300,000

Sale of Assets $300,000

b. $900,000 cash

Sale of Assets $8,000,000

Furniture $8,000,000

Accumulated Depreciation $7,700,000

Sale of Assets $7,700,000

Cash $900,000

Sale of Assets $900,000

c. $100,000 cash

Sale of Assets $8,000,000

Furniture $8,000,000

Accumulated Depreciation $7,700,000

Sale of Assets $7,700,000

Cash $100,000

Sale of Assets $100,000

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2 years ago

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Answer: The total using monthly housing payment is 1371.01.

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