The Monks a minor league baseball team prepare financial statements on a monthly basis. Their season begins in April but in March the team engaged in the following transactions:
(a) Paid $240000 to San Diego as advance rent for use of San Diego Stadium for the six month period April 1 through September 30.
(b) Collected $480000 cash from sales of season tickets for the team's 20 home games. This amount was credited to Unearned Ticket Revenue.
During the month of April the Monks played five home games and four road games.
Instructions
Prepare the adjusting entries required at April 30 for the transactions above.

Question

Quizplus · Accepted Answer

The Answer of The Monks a minor league baseball team prepare financial statements on a monthly basis. Their season begins in April but in March the team engaged in the following transactions:
(a) Paid $240000 to San Diego as advance rent for use of San Diego Stadium for the six month period April 1 through September 30.
(b) Collected $480000 cash from sales of season tickets for the team's 20 home games. This amount was credited to Unearned Ticket Revenue.
During the month of April the Monks played five home games and four road games.
Instructions
Prepare the adjusting entries required at April 30 for the transactions above.

The Monks a Minor League Baseball Team Prepare Financial Statements