The Following Ledger Accounts Are Used by the Chicago Heights

question 40

Essay

The following ledger accounts are used by the Chicago Heights Dog Track: Instructions
For each of the following transactions below, prepare the journal entry (if one is required) to record the initial transaction and then prepare the adjusting entry, if any, required on September 30, the end of the fiscal year.
(a) On September 1, paid rent on the track facility for three months, $210,000.
(b) On September 1, sold season tickets for admission to the racetrack. The racing season is year-round with 25 racing days each month. Season ticket sales totaled $840,000.
(c) On September 1, borrowed $300,000 from First National Bank by issuing a 9% note payable due in three months.
(d) On September 5, schedules for 20 racing days in September, 25 racing days in October, and 15 racing days in November were printed for $3,000.
(e) The accountant for the concessions company reported that gross receipts for September were $160,000. Ten percent is due to the track and will be remitted by October 10.

---

Definitions:

Reputation

The public perception or opinion of an individual, company, or product based on past actions or achievements.

Electronic Signatures in Global

Digital signatures recognized internationally, facilitating transactions and contracts over the Internet.

E-Signature Act

Legislation that gives electronic signatures the same legal standing as traditional handwritten signatures in contractual and legal documents.

National Commerce Act

Legislation that regulates online or electronic merchant transactions and electronic signatures.