LOT EXERCISE 4.3 Preparing Adjusting threup Entries to Convert an The Golden Goals, a professional soccer team, prepares financial statemcnts on a monthly basis The soccer season begins in May, but in April the team engaged in the following transactione 1. Paid $1,200,000 to the municipal stadium as advance rent for use of the facilities for the U7 Asset to an Expense end to Convert a Liability to Revenue five-month period from May 1 through September 30. This payment was initially recorded aS Prepaid Rent. 2. Collected $4,500,000 cash from the sale of season tickcts for the team's home games. The entire amount was initially rccorded as Unearned Ticket Revenue. During the month of May the Golden Goals played several home games at which $148,800 of the season tickcts sold in April werc used by fans.
LOT EXERCISE 4.3 Preparing Adjusting threup Entries to Convert an The Golden Goals, a professional soccer team, prepares financial statemcnts on a monthly basis The soccer season begins in May, but in April the team engaged in the following transactione 1. Paid $1,200,000 to the municipal stadium as advance rent for use of the facilities for the U7 Asset to an Expense end to Convert a Liability to Revenue five-month period from May 1 through September 30. This payment was initially recorded aS Prepaid Rent. 2. Collected $4,500,000 cash from the sale of season tickcts for the team's home games. The entire amount was initially rccorded as Unearned Ticket Revenue. During the month of May the Golden Goals played several home games at which $148,800 of the season tickcts sold in April werc used by fans.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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financial accounting
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Transcribed Image Text:U1 EXERCISE 4.3
Preparing Adjusting
The Golden Goals, a professional soccer team, prepares financial statemcnts on a monthly bod.
The soccer season begins in May, but in April the team engaged in the following transactiona:
Paid $1,200,00Q to the municipal stadium as advance rent for use of the facilitics for the
threug
1.
five-month period from May 1 through September 30. This payment was initially recorded as
Prepaid Rent.
Entries to Convert an
L7 Asset to an Expense
end to Convert a
Liability to Revenue
2.
Collected $4,500,000 cash from the sale of season tickcts for the team's home games. The
entire amount was initially recorded as Unearned Ticket Revenue. During the month of May
the Golden Goals played several home games at which $148,800 of the season tickcts sold in
April were used by fans.
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