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 0 for the amounts.) (a) On September 1, paid rent on the track facility for three months, $210,000. (b) On September 1, sold season tickets for admission to the racetrack. The racing season is year-round with 25 racing days each month. Season ticket sales totaled $900,000. (c) On September 1, borrowed $350,000 from First National Bank by issuing a 9% note payable due in three months. (d) On September 5, programs for 20 racing days in September, 25 racing days in October, and 15 racing days in November were printed for $3,600. (e) The accountant for the concessions company reported that gross receipts for September were $150,000. Ten percent is due to the track and will be remitted by October 10. No. Account Titles and Explanation Debit Credit (a) Journal Entry: enter an account title for the journal entry enter a debit amount enter a credit amount enter an account title for the journal entry enter a debit amount enter a credit amount Adjusting Entry: enter an account title for the adjusting entry enter a debit amount enter a credit amount enter an account title for the adjusting entry enter a debit amount enter a credit amount (b) Journal Entry: enter an account title for the journal entry enter a debit amount enter a credit amount enter an account title for the journal entry enter a debit amount enter a credit amount Adjusting Entry: enter an account title for the adjusting entry enter a debit amount enter a credit amount enter an account title for the adjusting entry enter a debit amount enter a credit amount (c) Journal Entry: enter an account title for the journal entry enter a debit amount enter a credit amount enter an account title for the journal entry enter a debit amount enter a credit amount Adjusting Entry: enter an account title for the adjusting entry enter a debit amount enter a credit amount enter an account title for the adjusting entry enter a debit amount enter a credit amount (d) Journal Entry: enter an account title for the journal entry enter a debit amount enter a credit amount enter an account title for the journal entry enter a debit amount enter a credit amount Adjusting Entry: enter an account title for the adjusting entry enter a debit amount enter a credit amount enter an account title for the adjusting entry enter a debit amount enter a credit amount (e) Journal Entry: enter an account title for the journal entry enter a debit amount enter a credit amount enter an account title for the journal entry enter a debit amount enter a credit amount Adjusting Entry: enter an account title for the adjusting entry enter a debit amount enter a credit amount enter an account title for the adjusting entry enter a debit amount enter a credit amount

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 0 for the amounts.) (a) On September 1, paid rent on the track facility for three months, $210,000. (b) On September 1, sold season tickets for admission to the racetrack. The racing season is year-round with 25 racing days each month. Season ticket sales totaled $900,000. (c) On September 1, borrowed $350,000 from First National Bank by issuing a 9% note payable due in three months. (d) On September 5, programs for 20 racing days in September, 25 racing days in October, and 15 racing days in November were printed for $3,600. (e) The accountant for the concessions company reported that gross receipts for September were $150,000. Ten percent is due to the track and will be remitted by October 10. No. Account Titles and Explanation Debit Credit (a) Journal Entry: enter an account title for the journal entry enter a debit amount enter a credit amount enter an account title for the journal entry enter a debit amount enter a credit amount Adjusting Entry: enter an account title for the adjusting entry enter a debit amount enter a credit amount enter an account title for the adjusting entry enter a debit amount enter a credit amount (b) Journal Entry: enter an account title for the journal entry enter a debit amount enter a credit amount enter an account title for the journal entry enter a debit amount enter a credit amount Adjusting Entry: enter an account title for the adjusting entry enter a debit amount enter a credit amount enter an account title for the adjusting entry enter a debit amount enter a credit amount (c) Journal Entry: enter an account title for the journal entry enter a debit amount enter a credit amount enter an account title for the journal entry enter a debit amount enter a credit amount Adjusting Entry: enter an account title for the adjusting entry enter a debit amount enter a credit amount enter an account title for the adjusting entry enter a debit amount enter a credit amount (d) Journal Entry: enter an account title for the journal entry enter a debit amount enter a credit amount enter an account title for the journal entry enter a debit amount enter a credit amount Adjusting Entry: enter an account title for the adjusting entry enter a debit amount enter a credit amount enter an account title for the adjusting entry enter a debit amount enter a credit amount (e) Journal Entry: enter an account title for the journal entry enter a debit amount enter a credit amount enter an account title for the journal entry enter a debit amount enter a credit amount Adjusting Entry: enter an account title for the adjusting entry enter a debit amount enter a credit amount enter an account title for the adjusting entry enter a debit amount enter a credit amount

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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Question

(a)	On September 1, paid rent on the track facility for three months, $210,000.
(b)	On September 1, sold season tickets for admission to the racetrack. The racing season is year-round with 25 racing days each month. Season ticket sales totaled $900,000.
(c)	On September 1, borrowed $350,000 from First National Bank by issuing a 9% note payable due in three months.
(d)	On September 5, programs for 20 racing days in September, 25 racing days in October, and 15 racing days in November were printed for $3,600.
(e)	The accountant for the concessions company reported that gross receipts for September were $150,000. Ten percent is due to the track and will be remitted by October 10.

No.	Account Titles and Explanation	Debit	Credit
(a)	Journal Entry:
	enter an account title for the journal entry	enter a debit amount	enter a credit amount
	enter an account title for the journal entry	enter a debit amount	enter a credit amount
	Adjusting Entry:
	enter an account title for the adjusting entry	enter a debit amount	enter a credit amount
	enter an account title for the adjusting entry	enter a debit amount	enter a credit amount
(b)	Journal Entry:
	enter an account title for the journal entry	enter a debit amount	enter a credit amount
	enter an account title for the journal entry	enter a debit amount	enter a credit amount
	Adjusting Entry:
	enter an account title for the adjusting entry	enter a debit amount	enter a credit amount
	enter an account title for the adjusting entry	enter a debit amount	enter a credit amount
(c)	Journal Entry:
	enter an account title for the journal entry	enter a debit amount	enter a credit amount
	enter an account title for the journal entry	enter a debit amount	enter a credit amount
	Adjusting Entry:
	enter an account title for the adjusting entry	enter a debit amount	enter a credit amount
	enter an account title for the adjusting entry	enter a debit amount	enter a credit amount
(d)	Journal Entry:
	enter an account title for the journal entry	enter a debit amount	enter a credit amount
	enter an account title for the journal entry	enter a debit amount	enter a credit amount
	Adjusting Entry:
	enter an account title for the adjusting entry	enter a debit amount	enter a credit amount
	enter an account title for the adjusting entry	enter a debit amount	enter a credit amount
(e)	Journal Entry:
	enter an account title for the journal entry	enter a debit amount	enter a credit amount
	enter an account title for the journal entry	enter a debit amount	enter a credit amount
	Adjusting Entry:
	enter an account title for the adjusting entry	enter a debit amount	enter a credit amount
	enter an account title for the adjusting entry	enter a debit amount	enter a credit amount

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