May Borrowed $300000 cash from National Bank by issuing a 12% note payable due in three months 1st May Paid rent for three months beginning May 1st at 90000 per month. 2nd May Sold season tickets for a total of $910000 cash. The season includes 70 racing days, 20 in May,25 in June and 25 in July.
Mortgages
A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.
Mortgage
The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.
Q B) Glenwood Speedway Company adjust at the end of each month. Prepare the
|
DATE |
TRANSACTION |
|
1st May |
Borrowed $300000 cash from National Bank by issuing a 12% note payable due in three months |
|
1st May |
Paid rent for three months beginning May 1st at 90000 per month. |
|
2nd May |
Sold season tickets for a total of $910000 cash. The season includes 70 racing days, 20 in May,25 in June and 25 in July. |
|
4th May |
An agreement was reached with Snack Bar Inc. allowing that company to sell refreshments at the track in return for 10% of the gross receipt from refreshment sales. |
|
6th May |
The schedule for the 20 racing days in May and the first 10 racing days in June were printed and paid for at a cost of $12000. |
|
31st May |
Snack Bars Inc. reported that gross receipt from refreshment sales in May had been $165000 and that the 10% owed to Glenwood Speedway would be remitted on June 10. |
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