No | Account | Debit | Credit |
A | Rent expense | 35,000 | |
Prepaid rent | 35,000 | ||
(210,000/6) | |||
B | Unearned Ticket Revenue | 90,000 | |
Ticket revenue | 90,000 | ||
(450,000/20)* 4 |
The Shins, a minor league baseball team, prepare financial statements on a monthly basis. Their season...
The Aces, a semi-professional baseball team, prepare financial statements on a monthly basis. Their season begins in April, but in March the team engaged in the following transactions: (a) Paid $90,000 to Kansas City as advance rent for use of Kansas City Stadium for the six month period April 1 through September 30. (b) Collected $200,000 cash from sales of season tickets for the team's 20...
Exercise 248 The Scarlet Pages, a semi-professional hockey team, prepare financial statements on a monthly basis. Their season begins in October, but in September the team engaged in the following transactions: Paid $150,000 to Oklahoma City as advance rent for use of Oklahoma City Arena for the * six-month period October 1 through March 31. Collected $450,000 cash from sales of season tickets for the team's 30 home games. This 'amount increased Unearned Ticket Revenue. (e) During the month of...
Not yet spalin 3. Orlando Pirates, a professional soccer team in SA prepares financial statements on monthly basis. The soccer season begins in May, but in April the team engaged in the following transactions: 1 Paid R1 500 000 to the City of Johannesburg as advance rent for use of Soccer City Stadium Our for the 6-month period from 1 May through to 31 October. Deci 5 Orlando Pirates collected R6 000 000 from the sale of season tickets for...
Carlton Drake purchased the New York City Symbiotes, a major league baseball team, for $2 million. The appraised values of the identified assets are as follows: Stadium Prepaid season tickets $150,000 Player contracts500,000 Equipmen100,00 900,000 The Symbiotes are a highly successful team and won the pennant in the prior year. Determine Drake's adjusted basis for the assets of Symbiotes based upon the purchase price. (10 points)
Season tickets for the Dingos are priced at $440 and include 22 home games. An equal amount of revenue is recognized after each game is played. When the season began, the amount credited to Unearned Ticket Revenue was $2,464,000. By the end of October, $1,904,000 of the Unearned Ticket Revenue had been recognized as revenue. How many season tickets did the Dingos sell? Season tickets sold by Dingos LINK TO TLXI LINK TO VIDEO How many home games had the...
Season tickets for the Dingos are priced at $280 and include 14 home games. An equal amount of revenue is recognized after each game is played. When the season began, the amount credited to Unearned Ticket Revenue was $1,456,000. By the end of October, $936,000 of the Unearned Ticket Revenue had been recognized as revenue. How many season tickets did the Dingos sell? Season tickets sold by Dingos eTextbook and Media List of Accounts How many home games had the...
- For each of the following transactions below, prepare the journal entry (if one is required) to record the initial transaction and then prepare the adjusting entry, if any, required on September 30, the end of the fiscal year. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (a) On September 1, paid rent on the...
Exercise 10-6 Season tickets for the Dingos are priced at $260 and include 13 home games. An equal amount of revenue is recognized after each game is played. When the season began, the amount credited to Unearned Ticket Revenue was $1,547,000. By the end of October, $952,000 of the Unearned Ticket Revenue had been recognized as revenue. (Ctrl) RCES How many season tickets did the Dingos sell? Season tickets sold by Dingos udy. SHOW LIST OF ACCOUNTS LINK TO TEXT...
Exercise 10-6 Season tickets for the Dingos are priced at $260 and include 13 home games. An equal amount of revenue is recognized after each game is played. When the season began, the amount credited to Unearned Ticket Revenue was $1,547,000. By the end of October, $952,000 of the Unearned Ticket Revenue had been recognized as revenue. Prepare the entry to recognize the revenue after the first home game had been played. (CM Account Titles and Explanation Debit Credit
Carlton Drake purchased the New York City Symbiotes, a major league baseball team, for $2 million. The appraised values of the identified assets are as follows: Stadium Prepaid season tickets $150,000 Player contracts500,000 Equipmen100,00 900,000 The Symbiotes are a highly successful team and won the pennant in the prior year. Determine Drake's adjusted basis for the assets of Symbiotes based upon the purchase price. (10 points) 2. On June 30, 2018, Eddie Brock received land and corporate stock from Anne...