Business, 13.01.2021 08:30 Poohpooh8548

P2-2. The Golden Goals, a professional soccer team, prepares financial statements on a monthly basis. The soccer season begins in May, but in April the team engaged in the following transactions: a. Paid $1,200,000 to the municipal stadium as advance rent for use of the facilities for the five-month period from May 1 through September 30. This payment was initially recorded as Prepaid Rent.

b. Collected $4,500,000 cash from the sale of season tickets for the team’s home games. The entire amount was initially recorded as Unearned Ticket Revenue. During the month of May the Golden Goals played several home games at which $148,800 of the season tickets sold in April were used by fans.

Requirement

Prepare the two adjusting entries required on May 31

Answers: 3

Show answers

Another question on Business

Business, 22.06.2019 08:10

Bakery has bought 250 pounds of muffin dough. they want to make waffles or muffins in half-dozen packs out of it. half a dozen of muffins requires 1 lb of dough and a pack of waffles uses 3/4 lb of dough. it take bakers 6 minutes to make a half-dozen of waffles and 3 minutes to make a half-dozen of muffins. their profit will be $1.50 on each pack of waffles and $2.00 on each pack of muffins. how many of each should they make to maximize profit, if they have just 20 hours to do everything?

Answers: 3

Answer

Business, 22.06.2019 17:30

Four students are at an extracurricular activity fair at their high school and are trying to decide which clubs to join. some information about the students is listed in this chart: which describes which ctso each student should join?

Answers: 1

Answer

Business, 22.06.2019 19:20

The following information is from the 2019 records of albert book shop: accounts receivable, december 31, 2019 $ 42 comma 000 (debit) allowance for bad debts, december 31, 2019 prior to adjustment 2 comma 000 (debit) net credit sales for 2019 179 comma 000 accounts written off as uncollectible during 2017 15 comma 000 cash sales during 2019 28 comma 500 bad debts expense is estimated by the method. management estimates that $ 5 comma 300 of accounts receivable will be uncollectible. calculate the amount of bad debts expense for 2019.

Answers: 2

Answer

Business, 22.06.2019 21:30

Which of the following best explains the purpose of protectionist trade policies such as tariffs and subsidies? a. they make sure that governments have enough money to pay for fiscal policies. b. they give foreign competitors access to new markets around the world. c. they allow producers to sell their products more cheaply than foreign competitors. d. they enable producers to purchase productive resources from everywhere in the world.

Answers: 1

Answer

You know the right answer?

P2-2. The Golden Goals, a professional soccer team, prepares financial statements on a monthly basis...

Questions