Rock N Roll produces an outdoor concert festival that runs from June 28, 2014, through July 1,
Question:
Rock N Roll produces an outdoor concert festival that runs from June 28, 2014, through July 1, 2014. Concertgoers pay $80 for a four-day pass to the festival, and all 10,000 tickets are sold out by the May 1, 2014, deadline to buy tickets. Assume that Rock N Roll prepares adjusting entries at the end of each month.
Required
1. Prepare the journal entry on May 1, 2014, assuming that all 10,000 tickets are sold on this date.
2. Prepare the adjusting entry on June 30, 2014.
3. Prepare the adjusting entry on July 31, 2014.
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1 2 3 Journal May 1 Entry Analysis ASSETS Cash 800000 ...View the full answer
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Related Book For 
Financial Accounting The Impact on Decision Makers
ISBN: 978-1285182964
9th edition
Authors: Gary A. Porter, Curtis L. Norton
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