Sunday 18 September 2016

The following ledger accounts are used by the Heartland Race Track:

The following ledger accounts are used by the Heartland Race Track:

                   Accounts Receivable
                   Prepaid Advertising
                   Prepaid Rent
                   Unearned Sales Revenue
                   Sales Revenue
                   Advertising Expense
                   Rent Expense

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 November 30, the end of the fiscal year.

(a)
On November 1, paid rent on the track facility for three months, $150,000.
(b)
On November 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 $960,000.
(c)
On November 1, borrowed $250,000 from First National Bank by issuing a 6% note payable due in three months.
(d)
On November 5, programs for 20 racing days in November, 25 racing days in December and 15 racing days in January were printed for $3,000.
(e)
The accountant for the concessions company reported that gross receipts for November were $140,000. Ten percent is due to Heartland and will be remitted by December 10.

Prepare the journal entry (if one is required) to record the initial transaction. (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.)
No.
Account Titles and Explanation
Debit
Credit
(a)
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Entry field with correct answer
Entry field with correct answer
(b)
Entry field with correct answer
Entry field with correct answer
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Entry field with incorrect answer
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Entry field with correct answer
(c)
Entry field with correct answer
Entry field with correct answer
Entry field with correct answer
Entry field with correct answer
Entry field with correct answer
Entry field with correct answer
(d)
Entry field with correct answer
Entry field with correct answer
Entry field with correct answer
Entry field with correct answer
Entry field with correct answer
Entry field with correct answer
(e)
Entry field with correct answer
Entry field with correct answer
Entry field with correct answer
Entry field with incorrect answer
Entry field with correct answer
Entry field with correct answer

Prepare the adjusting entry, if any, required on November 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.)

No.
Account Titles and Explanation
Debit
Credit
(a)
Entry field with correct answer
Entry field with correct answer
Entry field with correct answer
Entry field with correct answer
Entry field with correct answer
Entry field with correct answer
(b)
Entry field with correct answer
Entry field with correct answer
Entry field with correct answer
Entry field with correct answer
Entry field with correct answer
Entry field with correct answer
(c)
Entry field with correct answer
Entry field with correct answer
Entry field with correct answer
Entry field with correct answer
Entry field with correct answer
Entry field with correct answer
(d)
Entry field with correct answer
Entry field with correct answer
Entry field with correct answer
Entry field with correct answer
Entry field with correct answer
Entry field with correct answer
(e)
Entry field with correct answer
Entry field with correct answer
Entry field with correct answer
Entry field with correct answer
Entry field with correct answer
Entry field with correct answer


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