The Following Ledger Accounts Are Used by the Clover Race

question 70

Essay

The following ledger accounts are used by the Clover Race Track:Accounts ReceivablePrepaid PrintingPrepaid RentUnearned RevenuePrinting ExpenseRent ExpenseAdmissions RevenueConcessions RevenueInstructionsFor each of the following transactions, 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, $240,000.
b. On September 1, sold season tickets totalling $900,000 for admission to the racetrack. The racing season is year-round with 25 racing days each month.
c. On September 1, borrowed $150,000 from First Provincial Bank by issuing a 12% bank loan 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 company that operates the concessions (food and drink stands) reported that gross receipts for September were $140,000. Ten percent is due to Clover Race Track and will be paid by October 10.

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Definitions:

Conversation Interruptions

Instances during a dialogue where one participant breaks in while another is speaking, often changing the subject or flow.

Genetically

Relating to genes or heredity, the transmission of traits from parents to offspring through the combination of chromosomes.

Physiologically

Pertains to the functions and processes of the living organisms and their parts, including all physical and chemical processes.

Anatomical Differences

Variances in the physical structure of organisms, often used in contexts comparing sexes, species, or individuals.