During the month of September, the Bridge City Go-Kart Company had the following business activities: a. On September 1, paid rent on the track facility for six months at a total cost of $25,200 b. On September 1, received $81,000 for season tickets for 12-month admission to the racetrack. c. On September 1, booked the racetrack for a private organization that will use the track one day per month for $8.500 each time, to be paid in the following month. The organization uses the track on September 30 d. On September 1, hired a new manager at a monthly salary of $6,900, to be paid the first Monday following the end of the month. Required: First prepare the journal entry, if any, required to record each of the initial business activities on September 1. Then, prepare the adjusting journal entries, if any, required on September 30. 0f no entry is required for a transaction/event, select "No journal entry required in the first account field.)

During the month of September, the Bridge City Go-Kart Company had the following business activities: a. On September 1, paid rent on the track facility for six months at a total cost of $25,200 b. On September 1, received $81,000 for season tickets for 12-month admission to the racetrack. c. On September 1, booked the racetrack for a private organization that will use the track one day per month for $8.500 each time, to be paid in the following month. The organization uses the track on September 30 d. On September 1, hired a new manager at a monthly salary of $6,900, to be paid the first Monday following the end of the month. Required: First prepare the journal entry, if any, required to record each of the initial business activities on September 1. Then, prepare the adjusting journal entries, if any, required on September 30. 0f no entry is required for a transaction/event, select "No journal entry required in the first account field.)

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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