**Transcription for Educational Website:**---**Scenario:**Coronado City College sold season tickets for the 2020 football season for $324,000. A total of 8 games will be played during September, October, and November. In September, three games were played. **Accounting Task:**Determine the adjusting journal entry at September 30.**Options:**- ○ Will include a debit to Unearned Ticket Revenue and a credit to Ticket Revenue for $121,500.- ○ Will include a debit to Cash and a credit to Ticket Revenue for $81,000.- ○ Will include a debit to Ticket Revenue and a credit to Unearned Ticket Revenue for $108,000.- ○ Is not required. No adjusting entries will be made until the end of the season in November.---**Explanation:**- Each option presents a potential journal entry. The correct entry will adjust the accounts to reflect the revenue earned for the games played in September. - Unearned revenue and ticket revenue accounts are adjusted based on the number of games played versus the total for the season.

Accrual system of accounting says that every thing which is accrued has to be provided in books of…

Answered: Coronado City College sold season…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Med Labs has the following December 31 year-end unadjusted balances: Allowance for Sales Discounts, $0; and Accounts Receivable, $6,400. Of the $6,400 of receivables, $1,700 are within a 3% discount period, meaning that it expects buyers to take $51 in future-period discounts arising from this period's sales. a. Prepare the December 31 year-end adjusting journal entry for future sales discounts. b. Assume the same facts above and that there is a $6 year-end unadjusted credit balance in Allowance for Sales Discounts. Prepare the December 31 year-end adjusting journal entry for future sales discounts.
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Thank you!
During the month of June, Novak Boutique recorded cash sales of $259, 350 and credit sales of $126, 420, both of which include the 5% sales tax that must be remitted to the state by July 15. Prepare the adjusting entry that should be recorded to fairly present the June 30 financial statements. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit June 30 enter an account title for the adjusting entry on June 30 Sales Revenue Correct answer enter a debit amount 250653 Incorrect answer enter a credit amount Incorrect answer enter an account title for the adjusting entry on June 30 Sales Taxes Payable Correct answer enter a debit amount Incorrect answer enter a credit amount 250653 Incorrect answer

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