The Ottawa Rebels are a minor league soccer team owned by Paul Brisson. A list of...

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The Ottawa Rebels are a minor league soccer team owned by Paul Brisson. A list of the accounts used by the team are as follows: Cash $20,000 Accounts Receivable Supplies Equipment Accounts Payable Bank Loan P. Brisson, Capital June 1 2 2 (a) Set up the general ledger for Ottawa Rebels Soccer Team. Record the following transactions in the T-accounts and calculate the balances. 3 4 5 789 6,000 15,000 13 12,000 29,000 14 14 P. Brisson, Drawings Ticket Sales Concession Revenue Advertising Expense Salaries Expense Rent Expense Utilities Expense Paid the player's salaries for the week, $18,000. Made the regular monthly payment of $500 on the bank loan. Issued a bill for $2,000 to an Ottawa Sports Store who purchased tickets for promotional purposes. 10 Received a bill from Ottawa Hydro for $1,250 payable in 30 days. Paid the bill from the Citizen for advertising. 11 12 The game today produced ticket sales of $15,500 and concession revenue of $9,300. Paid the stadium rent to the city of 10% of ticket sales for the last two games. The owner, P. Brisson, withdrew $1,500 for personal use. Paid the player's salaries for the week, $18,000. P. Brisson, the owner invested an additional $30,000 in the team. Purchased new goal nets and soccer balls from Preston Sports. Paid $1,000 cash and the remaining $2,000 is to be paid in 30 days. Paid $500 for Gatorade Sport Drinks for the players. Signed a new player to a standard player's contract calling for a payment of $300 per week for the remainder of the season. Received a bill for $600 from the Citizen for advertising payable in 30 days. The game today produced ticket sales of $13,500 and concession revenue of $8,200. (b) Prepare a trial balance, income statement and balance sheet on June 14, 2021. The Ottawa Rebels are a minor league soccer team owned by Paul Brisson. A list of the accounts used by the team are as follows: Cash $20,000 Accounts Receivable Supplies Equipment Accounts Payable Bank Loan P. Brisson, Capital June 1 2 2 (a) Set up the general ledger for Ottawa Rebels Soccer Team. Record the following transactions in the T-accounts and calculate the balances. 3 4 5 789 6,000 15,000 13 12,000 29,000 14 14 P. Brisson, Drawings Ticket Sales Concession Revenue Advertising Expense Salaries Expense Rent Expense Utilities Expense Paid the player's salaries for the week, $18,000. Made the regular monthly payment of $500 on the bank loan. Issued a bill for $2,000 to an Ottawa Sports Store who purchased tickets for promotional purposes. 10 Received a bill from Ottawa Hydro for $1,250 payable in 30 days. Paid the bill from the Citizen for advertising. 11 12 The game today produced ticket sales of $15,500 and concession revenue of $9,300. Paid the stadium rent to the city of 10% of ticket sales for the last two games. The owner, P. Brisson, withdrew $1,500 for personal use. Paid the player's salaries for the week, $18,000. P. Brisson, the owner invested an additional $30,000 in the team. Purchased new goal nets and soccer balls from Preston Sports. Paid $1,000 cash and the remaining $2,000 is to be paid in 30 days. Paid $500 for Gatorade Sport Drinks for the players. Signed a new player to a standard player's contract calling for a payment of $300 per week for the remainder of the season. Received a bill for $600 from the Citizen for advertising payable in 30 days. The game today produced ticket sales of $13,500 and concession revenue of $8,200. (b) Prepare a trial balance, income statement and balance sheet on June 14, 2021.

Answer rating: 100% (QA)

Here are the Taccounts and balances for the Ottawa Rebels Soccer Team transactions Cash June 1 30000 ... View the full answer