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
WITCHER [35]
3 years ago
6

Prepare the journal entry, if any, required to record each of the initial business activities on September 1. (If no entry is re

quired for a transaction/event, select "No Journal Entry Required" in the first account field.)
a. On September 1, paid rent on the track facility for six months at a total cost of $12,000.
b. On September 1, received $55,200 for season tickets for 12-month admission to the race track.
c. On September 1, booked the race track for a private organization that will use the track one day per month for $1,900 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 $3,100, to be paid the first Monday following the end of the month.
Business
1 answer:
kipiarov [429]3 years ago
6 0

Answer:

The journal entries are as follows:

(a) On September 1,

Prepaid rent A/c Dr. $12,000

       To cash A/c                    $12,000

(To record the prepaid rent)

On September 30,

Rent expense A/c ($12,000 ÷ 6) Dr. $2,000

       To  Prepaid rent A/c                               $2,000

(To record the rent expense)

(b) On September 1,

Cash A/c Dr. $55,200

     To unearned revenue    $55,200

(To record the unearned revenue)

On September 30,

Unearned revenue A/c ($55,200 ÷ 12) Dr. $4,600

          To ticket revenue                                           $4,600

(To record the ticket revenue)

(c) On September 1,

No entry required.

On September 30,

Account receivable A/c Dr. $1,900  

           To Rent revenue                 $1,900

(To record the accounts receivable)

(d) On September 1 - No journal entry required

On September 30,

Salary expense A/c Dr. $3,100

         To salaries payable         $3,100

(To record the salaries expense)

You might be interested in
What information appears on a pay stub?
Ira Lisetskai [31]

Answer:

salary prior to taxes and tax deductions.

Explanation:

A pay stub usually referred to as a pay slip or paycheck stub is the financial document that lists the amount of money an employee is paid. It is generally issued by the employers for each

pay period.

Pay stub gives a detailed information about total earnings of an employee for the pay period, tax deductions from the total as well as the net pay after deductions.

Federal Insurance Contributions Act (FICA) is usually written on all pay stubs, which is an indication of an employee's contribution to Medicare and Social Security.

7 0
3 years ago
Berry Corporation has 50,000 shares of $10 par common stock authorized. The following transactions took place during 2012, the f
mojhsa [17]

Answer:

$285,000

Explanation:

Please see attachment

5 0
2 years ago
Low Carb Diet Supplement Inc. has two divisions. Division A has a profit of $134,000 on sales of $2,310,000. Division B is able
Genrish500 [490]

Answer:

a. Division A = 5.80 %, Division B = 8.95 %

b. Division B is superior. Because, it generates a greater profit margin per each sale made.

Explanation:

<u> a. Compute the profit margins</u>

Profit margin = Profit / Sales × 100

Division A = $134,000 / $2,310,000 × 100

                 = 5.80 % (2 decimal places.)

Division B = $33,400 / $373,000 × 100

                 = 8.95 % (2 decimal places.)

<u> b. Based on the profit margins</u>

Division B is superior as it generates a greater profit margin per each sale made.

8 0
2 years ago
Suppose that the level of GDP increased by $100 billion in a private closed economy where the marginal propensity to consume is
____ [38]

Answer:

$50 billion

Explanation:

To find the change in aggregate expenditures, we need to find the change in consumption. For this, we will use the marginal propensity to consume formula:

MPC = ΔC/ΔY

Where:

MPC = Marginal propensity to consume

ΔC = Change in consumption

ΔY = Change in output (GDP)

We know that out MPC is 0.5, and our ΔY is $billion. We plug these amounts into the formula:

0.5 = ΔC / 100 billion

And we rearrange the equation to solve for ΔC

ΔC = $ 100 billion x 0.5

ΔC = $50 billion

So the change in consumption is $50 billion, which is also the change in aggregate expenditure.

3 0
2 years ago
Joel operates his business, carson collectibles, by himself. he has made no election with his state regarding his business. what
Paha777 [63]
<span>Joe's business is most likely a type of sole proprietorship. Sole proprietorships are usually ran by one person who accounts for all of the business expenses as part of their personal taxes so there is no difference between personal and business. This form of business also does not need to file any paperwork with the state. The owner just needs a business license.</span>
3 0
2 years ago
Other questions:
  • The fruit mart is an all-equity firm with a current cost of equity of 17.4 percent. the estimated earnings before interest and t
    13·1 answer
  • The main function of the Federal Reserve System is to a. clear checks from member banks. b. serve as the fiscal agent for the fe
    13·1 answer
  • Introduction: Drag each tile into the box where it best belongs. Causes of Recession. Cause of Recovery. loss of jobs for worker
    15·1 answer
  • Why is the location of a business important to the success of that business?
    6·1 answer
  • When a location includes both quantitative and qualitative inputs, a technique that can be used is: Group of answer choices Line
    12·1 answer
  • "An investor has sold short stock worth $80,000 in a margin account, depositing the Regulation T margin requirement. If the mark
    11·1 answer
  • When Jolt Co. acquired 75% of the common stock of Yelts Corp., Yelts owned land with a book value of $70, 000 and a fair value o
    14·1 answer
  • Big Time Widgets has the following inventory data: December 1 Beginning inventory of 15 units at $6.00 per unit December 7 Purch
    9·1 answer
  • A company estimates that warranty expense will be 4% of sales. The company's sales for the current period are $185,000. The curr
    7·1 answer
  • All of the following are ways to avoid injuries when working on computers except ________. so you are looking up at it ensuring
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!