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
Every month Sam Tabor is assigned a different job at Russo & Daughters Financial Consulting. Sam enjoys the task variety and
tino4ka555 [31]

Answer:

I think its rotation, im not sure

8 0
3 years ago
Kentucky Lumber and MillWork Company contracted to supply Rommell Company millwork for use in the construction of a school build
omeli [17]

Answer:

Kentucky can gain advantage since it has not breached any terms of the contract.

Explanation:

Kentucky Lumber will be beneficiary of the decision since it is Rommel company who is ending up the contract but Kentucky Lumber is willing to continue the service according to the terms of the contract. Kentucky mill work was destroyed but it bought the equipment from a third party to continue providing the service according to the contract terms.

5 0
3 years ago
Read 2 more answers
Fiona signed an agreement to either buy or not buy nick’s vacant lot for $310,000 by a specific date. What's this agreement call
kolezko [41]

Fiona signed an agreement to either buy or not buy nick’s vacant lot for $310,000 by a specific date. This agreement is called a bilateral contract.

<h3>What is bilateral contact?</h3>

A bilateral contract is a contract which is made between two parties. Under this contract, both parties make promises to each other on the terms and conditions. In this contract, the promise of one party turns into a consideration of the other party. It is the most common kind of contract which is binding in nature.

Fiona signed a contract promising to either purchase Nick's vacant lot for $310,000 by a certain date or not. It's referred to as a bilateral contract.

Learn more about the bilateral contracts from here:

brainly.com/question/14527253

#SPJ1

4 0
2 years ago
Deon is opening a car wash, and he has approached SCORE, a SBA organization that assists small-business owners in setting up the
aivan3 [116]

Answer: Write a business plan

Explanation: He would be advised to write a business plan because it is a very important strategic tool for entrepreneurs. A good business plan helps entrepreneurs to focus on the specific steps necessary for them to make business ideas succeed. It also aids them to achieve both their short-term and long-term goals.

6 0
3 years ago
Under the __________ system the number of choices in the market is directly related to government involvement in markets
stealth61 [152]
COMMUNIST

Under the Communist System the number of choices in the market is directly related to government involvement in markets.

Communist system is a market system wherein all market decisions are made by the government. 
3 0
3 years ago
Other questions:
  • Cooley company's stock has a beta of 1.28, the risk-free rate is 2.25%, and the market risk premium is 5.50%. what is the firm's
    11·1 answer
  • What type of group discussion does the moderator perform a passive role
    8·1 answer
  • If the marginal propensity to consume (mpc) is 0.75, a $50 decrease in government spending, other things being equal, would caus
    13·1 answer
  • Santos Co. is preparing a cash budget for February. The company has $18,000 cash at the beginning of February and anticipates $6
    14·1 answer
  • How do i cancel my account i made because it does not work
    15·2 answers
  • For homeowners in upper-income brackets whose gains exceed $500,000 ($250,000 for a single taxpayer), the capital gains tax rate
    14·1 answer
  • Your company has two​ divisions: One division sells software and the other division sells computers through a direct sales​ chan
    6·1 answer
  • Considering that working in the educational field requires a post-secondary education, choose a local college/university and res
    8·1 answer
  • a car travelling at 36km / h accelerates uniformly acceleration final 2m / s ^2 find its velocity in 5 second ​
    5·1 answer
  • Compare and contrast the three categories of project resource.
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!