Question: Question 1 For each transaction below, prepare journal (if needed) to record the initial transaction and then prepare journal if available on September 30. (A)
Question 1
For
each transaction below, prepare journal (if needed) to record the initial
transaction and then prepare journal if available on September 30.
(A)
On September 1, the fee for divisitation for three months, $ 210,000.
(B)
On September 1, the entrance ticket for entry tickets to the racetrack. The
racing season throughout the year with 25 days of racing each month. Optical
ticket sales reach $ 840,000.
(C)
On September 1, $ 300,000 was settled from First National Bank with 9% debt
issuance which must be paid in three months.
(D)
On September 5, the schedule for 20 racing days in September, 25 racing days in
October, and 15 racing days in November tied for $ 3,000. (E) Accountants for
concession companies report that gross receipts for September are $ 160,000.
Ten percent because of the track and will be sent on October 10.
Question 2
GM Company has an accounting budget year ending on June 30. The company also has a policy to pay weekly salaries on Friday. Payroll records indicate that the following salary costs occur.
Date Amount
Monday June 28 $ 3,000
Tuesday June 29 3,800
Wednesday June 30 3,500
ThursdayJuly 1 3,000
Friday July 2 2,400
(A) Prepare necessary adjusting journals that must be made on June 30.
(B) Prepare journal entries to record weekly salary payments on July 2.
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