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Financial accounting 16th Edition by Jan Williams,Susan Haka,Mark Bettner ,Joseph Carcello
Edition 16ISBN: 978-0077862381Financial accounting 16th Edition by Jan Williams,Susan Haka,Mark Bettner ,Joseph Carcello
Edition 16ISBN: 978-0077862381 Exercise 51
The Freemont Flyers, a professional soccer team, prepares financial statements on a monthly basis.he soccer season begins in May, but in April the team engaged in the following transactions:
1.aid $1,500,000 to the municipal stadium as advance rent for use of the facilities for the six-month period from May 1 through October 31.his payment was initially recorded as Prepaid Rent.
2.ollected $6,000,000 cash from the sale of season tickets for the team's home games.he entire amount was initially recorded as Unearned Ticket Revenue.uring the month of May, the team played several home games at which $750,000 of the season tickets sold in April were used by fans.
Prepare the two adjusting entries required on May 31.
1.aid $1,500,000 to the municipal stadium as advance rent for use of the facilities for the six-month period from May 1 through October 31.his payment was initially recorded as Prepaid Rent.
2.ollected $6,000,000 cash from the sale of season tickets for the team's home games.he entire amount was initially recorded as Unearned Ticket Revenue.uring the month of May, the team played several home games at which $750,000 of the season tickets sold in April were used by fans.
Prepare the two adjusting entries required on May 31.
Explanation
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Adjusting entries:
Adjusting entries ar...
Financial accounting 16th Edition by Jan Williams,Susan Haka,Mark Bettner ,Joseph Carcello
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