During the month of September, the Bridge City Go-Kart Company had the following business activities: a....
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During the month of September, the Bridge City Go-Kart Company had the following business activities: a. On September 1, paid rent on the track facility for six months at a total cost of $22,500. b. On September 1, received $81,000 for season tickets for 12-month admission to the racetrack. c. On September 1, booked the racetrack for a private organization that will use the track one day per month for $5,500 each time, to be paid in the following month. The organization uses the track on September 30. d. On September 1, hired a new manager at a monthly salary of $5,100, to be paid the first Monday following the end of the month. Required: First prepare the journal entry, if any, required to record each of the initial business activities on September 1. Then, prepare the adjusting journal entries, if any, required on September 30. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 Record adjusting entry for the preceding transaction. Note: Enter debits before credits. Date Sept 30 8 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 5 6 7 8 On September 1, received $81,000 for season tickets for 12-month admission to the racetrack. Note: Enter debits before credits. Date Sept 1 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 6 7 8 Record adjusting entry for the preceding transaction. Note: Enter debits before credits. Date Sept 30 General Journal Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet < 1 2 3 4 6 7 8 On September 1, booked the racetrack for a private organization that will use the track one day per month for $5,500 each time, to be paid in the following month. The organization uses the track on September 30. Note: Enter debits before credits. Date: Sept 1 General Journal Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 Record adjusting entry for the preceding transaction. Note: Enter debits before credits. Date Sept 30 General Journal Debit Credit View general journal Record entry Clear entry View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 On September 1, hired a new manager at a monthly salary of $5,100, to be paid the first Monday following the end of the month. Note: Enter debits before credits. Date Sept 1 General Journal Debit Credit Record entry Clear entry View general journal select "No journal entry view transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 Record adjusting entry for the preceding transaction. Note: Enter debits before credits. Date Sept 30 General Journal Debit Credit View general journal Record entry Clear entry During the month of September, the Bridge City Go-Kart Company had the following business activities: a. On September 1, paid rent on the track facility for six months at a total cost of $22,500. b. On September 1, received $81,000 for season tickets for 12-month admission to the racetrack. c. On September 1, booked the racetrack for a private organization that will use the track one day per month for $5,500 each time, to be paid in the following month. The organization uses the track on September 30. d. On September 1, hired a new manager at a monthly salary of $5,100, to be paid the first Monday following the end of the month. Required: First prepare the journal entry, if any, required to record each of the initial business activities on September 1. Then, prepare the adjusting journal entries, if any, required on September 30. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 Record adjusting entry for the preceding transaction. Note: Enter debits before credits. Date Sept 30 8 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 5 6 7 8 On September 1, received $81,000 for season tickets for 12-month admission to the racetrack. Note: Enter debits before credits. Date Sept 1 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 6 7 8 Record adjusting entry for the preceding transaction. Note: Enter debits before credits. Date Sept 30 General Journal Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet < 1 2 3 4 6 7 8 On September 1, booked the racetrack for a private organization that will use the track one day per month for $5,500 each time, to be paid in the following month. The organization uses the track on September 30. Note: Enter debits before credits. Date: Sept 1 General Journal Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 Record adjusting entry for the preceding transaction. Note: Enter debits before credits. Date Sept 30 General Journal Debit Credit View general journal Record entry Clear entry View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 On September 1, hired a new manager at a monthly salary of $5,100, to be paid the first Monday following the end of the month. Note: Enter debits before credits. Date Sept 1 General Journal Debit Credit Record entry Clear entry View general journal select "No journal entry view transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 Record adjusting entry for the preceding transaction. Note: Enter debits before credits. Date Sept 30 General Journal Debit Credit View general journal Record entry Clear entry
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Answer rating: 100% (QA)
September 1 journal entries 1 Rent Expense 22500 Prepaid ... View the full answer
Related Book For
Fundamentals of Financial Accounting
ISBN: 978-1259103292
4th Canadian edition
Authors: Fred Phillips, Robert Libby, Patricia Libby, Brandy Mackintosh
Posted Date:
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