Toronto Raptors is a basketball sports organization, selling tickets in advance of basketball games. Toronto Raptors prepares adjusting entries monthly. Additional information available on December 31, 2023, are as follows: The Raptors received $150,000 in advance ticket sales for upcoming games that haven't been played yet. The organization paid $30,000 at the beginning of December for an annual insurance policy covering their facilities. At the end of the reporting period, the Raptors owe their players $80,000 in salaries for games played but not yet paid. The organization's equipment was purchased for $200,000 with an estimated useful life of 5 years and no salvage value. 

Calculated yearly Depreciation using the straight-line method.

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