The Following Ledger Accounts Are Used by the Miami Ereghound

question 177

Essay

The following ledger accounts are used by the Miami Ereghound Track: Accounts Receivable
Prepaid Advertising
Prepaid Rent

Unearned Ticket Revenue

Advertising Expense
Rent Expense

Ticket Revenue
Sales Revenue 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 $213000.
(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 $840000.
(c) On September 1 borrowed $300000 from First National Bank by issuing a 6% note payable due in three months.
(d) On September 5 programs for 20 racing days in September 25 racing days in October and 25 racing days in November were printed for $3500.
(e) The accountant for the concessions company reported that gross receipts for September were $160000. Eight percent is due to the track and will be remitted by October 10.

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Definitions:

Prophase I

The first stage of meiosis I where chromosomes condense, homologous chromosomes pair, and crossing-over can occur, enhancing genetic diversity.

Midplane

An anatomical term referring to an imaginary line or plane that divides the body into equal right and left halves.

Metaphase

A phase of cell division where chromosomes align in the center of the cell before being separated into each of the two new cells.

Ploidy

The number of chromosome sets in a nucleus or cell. See haploid, diploid, and polyploid.