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3 years ago

Recording Initial Transactions and Subsequent Adjustments

Business

1 answer:

aalyn [17]3 years ago

4 0

Answer:

a. On September 1, paid rent on the track facility for six months at a total cost of $12,000.

September 1

Dr Prepaid rent 12,000

Cr Cash 12,000

September 30

Dr Rent expense 2,000

Cr Prepaid 2,000

b. On September 1, received $60,000 for season tickets for 12-month admission to the race track.

September 1

Dr Cash 60,000

Cr Deferred revenue 60,000

September 30

Dr Deferred revenue 5,000

Cr Revenue 5,000

c. On September 1, booked the race track for a private organization that will use the track one day per month for $2,000 each time, to be paid in the following month. The organization uses the track on September 30.

September 30

Dr Accounts receivable 2,000

Cr Revenue 2,000

d. On September 1, hired a new manager at a monthly salary of $3,000, to be paid the first Monday following the end of the month.

September 30

Dr Wages expense 3,000

Cr Wages payable 3,000

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A. 25%

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Explanation:

a. lets assume marginal tax rate is X%

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3 years ago

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