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, $180,000.
(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 $1,152,000.
(c) On November 1, borrowed $300,000 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 $3,600.
(e) The accountant for the concessions company reported that gross receipts for November were $168,000. 10 percent is due to Heartland and will be remitted by December 10.

Journalize the following transactions that occurred in september 2015 for aquamarines. no explanations are needed. identify each accounts payable and accounts receivable with the vendor or customer name. sep. 3 purchased merchandise inventory on account from shallin wholesalers, $5,000. terms 1/15, n/eom, fob shipping point. 4 paid freight bill of $80 on september 3 purchase. 4 purchased merchandise inventory for cash of $1,700. 6 returned $500 of inventory from september 3 purchase. 8 sold merchandise inventory to hermosa company, $6,000, on account. terms 2/15, n/35. cost of goods, $2,640. 9 purchased merchandise inventory on account from thomas wholesalers, $8,000. terms 2/10, n/30, fob destination. 10 made payment to shallin wholesalers for goods purchased on september 3, less return and discount. 12 received payment from hermosa company, less discount. 13 after negotiations, received a $200 allowance from thomas wholesalers. 15 sold merchandise inventory to jordan company, $2,500, on account. terms 1/10, n/eom. cost of goods, $1,050. 22 made payment, less allowance, to thomas wholesalers for goods purchased on september 9. 23 jordan company returned $400 of the merchandise sold on september 15. cost of goods, $160. 25 sold merchandise inventory to smithsons for $1,100 on account that cost $400. terms of 2/10, n/30 were offered, fob shipping point. as a courtesy to smithsons, $75 of freight was added to the invoice for which cash was paid by aquamarines. 26 after negotiations, granted a $100 allowance to smithsons for merchandise purchased on september 25. 29 received payment from smithsons, less allowance and discount. 30 received payment from jordan company, less return.

Which two of the following are benefits of consumer programs

Use the information below to answer the following question. the boxwood company sells blankets for $60 each. the following was taken from the inventory records during may. the company had no beginning inventory on may 1. date blankets units cost may 3 purchase 5 $20 10 sale 3 17 purchase 10 $24 20 sale 6 23 sale 3 30 purchase 10 $30 assuming that the company uses the perpetual inventory system, determine the gross profit for the month of may using the lifo cost method.