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]
4 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]4 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
The following data relate to direct labor costs for the current period:
mr Goodwill [35]

Answer:$2,125 unfavorable

Explanation:

Given

Standard costs     9,000 hours at $5.50

Actual costs        8,500 hours at $5.75

we have two formulas to calculate  for direct labor rate variance is:

1ST ----Direct Labor rate variance = (Actual Rate- Standard Rate ) x Actual hour

=( $5.75 -$5.50) x 8,500 =  $2,125 unfavorable

2ND----Direct Labor Rate Variance=Actual Direct Labor Cost Incurred - Standard Direct Labor Cost Based on Actual Hours

=Actual Hours x Actual Rate -Actual Hours x Standard Rate

= ($5.75 x 8,500 hours)-($5.50 x 8,500 hours)

$48,875 - $46,750 = $2,125 unfavorable

when the  actual rate is higher than the standard rate, the Direct Labor Rate Variance is unfavorable and if the actual rate is lower than standard rate, the variance is favorable.

3 0
3 years ago
Monsters Incorporated (MI) in ready to launch a new product. Depending upon the success of this product, MI will have a value of
jek_recluse [69]
A and then d i’m pretty sure
7 0
3 years ago
A credit card issuer charges an apr of 13.50%, and its billing cycle is 30 days long. what is its periodic interest rate?
Serga [27]
Let’s just say that the entire year is 365 days. So, we need to divide the APR (13.50%) to 365. This gives us a value of 0.037% and since the the billing cycle is 30 days, we need to multiply 0.037% to 30 to get it’s periodic interest rate. Therefore, the periodic interest rate is 1.11%.
8 0
3 years ago
Read 2 more answers
Why is it important for the government to achieve these five objectives?
Lelu [443]

Answer: Equality

Without proper guidelines in place one would outweigh the other cause an imbalance. If the government didn't keep those equal there wouldn't be enough stability and nobody would be able to live fairly.

5 0
3 years ago
Give four reason as to why being an entrepreneur is beneficial than a doing a job​
anastassius [24]

Answer:

Hope this helps!

4 reasons:

Explanation:

1) Being an entrepreneur is beneficial because it helps you get to know yourself better. You get to be your own boss.

2) Entrepreneurs get to make their own schedule. You can work for flexible hours.

3) You get to be more independent. Taking entrepreneurship will grant you freedom.

4) Choosing to be an entrepreneur is a big risk. This means your taking a challenge in your life. You'll make yourself stronger!

The best part though? It is a big satisfaction when you succeed, yeah and you'll definitely be proud of yourself.

5 0
3 years ago
Other questions:
  • Cynthia always buys whichever brand of paper towels is on sale, even if it is not the highest quality towel. her paper towel buy
    7·1 answer
  • Ivy Corporation gave 96 people a bonus. If Ivy had given 2 more people bonuses, Ivy would have rewarded 2/3 of the workforce. Ho
    12·1 answer
  • On December 31, 2017, Coolwear, Inc. had a balance in its prepaid insurance account of $48,400. During 2018, $86,000 was paid fo
    14·1 answer
  • A 3-year bond with 10% coupon rate and $1000 face value yields 8%. Assuming annual coupon payment, calculate the price of the bo
    14·1 answer
  • Your uncle offers you a choice of $115,0 in 10 years or $52,000 today, if the money is discounted at 9%, which should you do ose
    10·1 answer
  • Online Gourmet is an online business that provides customers with recipes and all the ingredients needed to prepare a meal. This
    13·1 answer
  • The financial statements of the Sunland Company reports net sales of $828000 and accounts receivable of $79200 and $43200 at the
    9·1 answer
  • Implications of game theory
    12·1 answer
  • Why are credit card companies more willing to offer a young person a secure
    12·1 answer
  • Which general staff member directs management of all incident.
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!