The following ledger accounts are used by Clover Race Track: Accounts Receivable Prepaid Printing Prepaid...
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Accounting
The following ledger accounts are used by Clover Race Track: Accounts Receivable Prepaid Printing Prepaid Rent Unearned Revenue Printing Expense Rent Expense Admissions Revenue Concessions Revenue Instructions For each of the following transactions, 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. (a) On September 1, paid rent on the track facility for three months, $240,000. (b) On September 1, sold season tickets totalling $900,000 for admission to the racetrack. The racing season is year-round with 25 racing days each month. (c) On September 1, borrowed $150,XXX from First Provincial Bank by issuing a 12% bank loan payable due in three months. (d) On September 5, schedules for 20 racing days in September, 25 racing days in October, and 15 racing days in November were printed for $3,000. (e) The accountant for the company that operates the concessions (food and drink stands) reported that gross receipts for September were $140,ZZZ. Ten percent is due to Clover Race Track and will be paid by October 10.
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