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 home games. This amount was credited to Unearned Ticket
Revenue.
During the month of April, the Aces played four home games and five
road games.
Instructions
Prepare the adjusting entries required at April 30 for the
transactions above.
The Aces, a semi-professional baseball team, prepare financial statements on a monthly basis. Their season begins...
The Shins, a minor league 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 $210,000 to Kansas City as advance rent for use of Kansas City Stadium for the six month period April 1 through September 30. (b) Collected $450,000 cash from sales of season tickets for the team's 20 home games. This amount was credited to Unearned Ticket Revenue. During the month...
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...
collected $6,000,000 cash from sale of season tickets for the team's home games. The entire amount was initially recorded as unearned ticket revenue. during the month of May, the team played several home games at which $750,000 of the season tickets sold in April were used by fans.
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05 Question (5 points) e See page 246 A semiprofessional baseball team near your town plays two home games each month at the local baseball park. The team splits the concessions 50/50 with the city but keeps all the revenue from ticket sales. The city charges the team $200 each month for the three-month season. The team pays the players and manager a total of $1,500 each month. The team charges $10...
A semiprofessional baseball team near your town plays two home games each month at the local baseball park. The team splits the concessions 50/50 with the city but keeps all the revenue from ticket sales. The city charges the team $100 each month for the three-month season. The team pays the players and manager a total of $1000 each month. The team charges $10 for each ticket, and the average customer spends $8 at the concession stand. Attendance averages 30...
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