Take me to the text A transit company offers special transit passes to local students. The passes are sold for $176 each and for the fall semester are good from September 1 to December 31 (i.e. the passes cost $44 per month). The transit company sold 1,100 passes on August 1, 2020. Do not enter dollar signs or commas in the input boxes. Record the journal entry for the following. a) The sale of the passes b) The entry to be recorded on September 30 Date Account Title and Explanation Debit Credit Aug 1 To record the sale of transit passes Sep 30 To recognize revenue earned for the month
Take me to the text A transit company offers special transit passes to local students. The passes are sold for $176 each and for the fall semester are good from September 1 to December 31 (i.e. the passes cost $44 per month). The transit company sold 1,100 passes on August 1, 2020. Do not enter dollar signs or commas in the input boxes. Record the journal entry for the following. a) The sale of the passes b) The entry to be recorded on September 30 Date Account Title and Explanation Debit Credit Aug 1 To record the sale of transit passes Sep 30 To recognize revenue earned for the month
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:Take me to the text
A transit company offers special transit passes to local students. The passes
are sold for $176 each and for the fall semester are good from September 1
to December 31 (i.e. the passes cost $44 per month). The transit company
sold 1,100 passes on August 1, 2020.
Do not enter dollar signs or commas in the input boxes.
Record the journal entry for the following.
a) The sale of the passes
b) The entry to be recorded on September 30
Date
Account Title and Explanation
Debit
Credit
Aug 1
To record the sale of transit passes
Sep 30
To recognize revenue earned for
the month
Check
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