![College Accounting (Book Only): A Career Approach](https://www.bartleby.com/isbn_cover_images/9781337280570/9781337280570_largeCoverImage.gif)
College Accounting (Book Only): A Career Approach
13th Edition
ISBN: 9781337280570
Author: Scott, Cathy J.
Publisher: South-Western College Pub
expand_more
expand_more
format_list_bulleted
Concept explainers
Textbook Question
thumb_up100%
Chapter 11, Problem 2E
On October 31, the Vermillion Igloos Hockey Club received $800,000 in cash in advance for season tickets for eight home games. The transaction was recorded as a debit to Cash and a credit to Unearned Admissions. By December 31, the end of the fiscal year, the team had played three home games and received an additional $450,000 cash admissions income at the gate.
- a. Journalize the
adjusting entry as of December 31. - b. List the title of the account and the related balance that will appear on the income statement.
- c. List the title of the account and the related balance that will appear on the
balance sheet .
Expert Solution & Answer
![Check Mark](/static/check-mark.png)
Trending nowThis is a popular solution!
![Blurred answer](/static/blurred-answer.jpg)
Students have asked these similar questions
Listed below are selected transactions of Culver Department Store for the current year ending December 31.
1.
2.
3.
4.
On December 5, the store received $470 from the Selig Players as a deposit to be returned after certain furniture to be used
in stage production was returned on January 15.
During December, cash sales totaled $802,200, which includes the 5% sales tax that must be remitted to the state by the
fifteenth day of the following month.
On December 10, the store purchased for cash three delivery trucks for $121,600. The trucks were purchased in a state that
applies a 5% sales tax.
The store determined it will cost $90,500 to restore the area (considered a land improvement) surrounding one of its store
parking lots, when the store is closed in 2 years. Culver estimates the fair value of the obligation at December 31 is $77,400.
Prepare all the journal entries necessary to record the transactions noted above as they occurred and any adjusting journal entries.
relative to the…
Listed below are selected transactions of Splish Department Store for the current year ending December 31.
On December 5, the store received $470 from the Selig Players as a deposit to be returned after certain furniture to be used
in stage production was returned on January 15.
1.
2.
3.
4.
During December, cash sales totaled $802.200, which includes the 5% sales tax that must be remitted to the state by the
fifteenth day of the following month.
On December 10, the store purchased for cash three delivery trucks for $121.600. The trucks were purchased in a state that
applies a 5% sales tax
The store sold 30 gift cards for $100 per card. At year-end, 25 of the gift cards are redeemed. Splish expects three of the cards
to expire unused.
Prepare all the journal entries necessary to record the transactions noted above as they occurred and any adjusting journal entries
relative to the transactions that would be required to present fair financial statements at December 31. Date each entry.…
Ticketsales, Incorporated, receives $7,720,000 cash in advance ticket sales for a four-date tour of Bon Jovi. Record the advance ticket sales on October 31. Record the revenue earned for the first concert date of November 5, assuming it represents one-fourth of the advance ticket sales. Ticketsales, Incorporated initially records prepaid and unearned items in balance sheet accounts.
journal entry worksheet
Record the cash receipt in advance of concerts.
Record the concert revenues earned.
Chapter 11 Solutions
College Accounting (Book Only): A Career Approach
Ch. 11 - Which of the following is the adjusting entry for...Ch. 11 - The adjusting entry for unearned revenue pertains...Ch. 11 - An account that has unearned in its name is...Ch. 11 - This type of inventory system does not require an...Ch. 11 - The Supplies account has a 1,400 balance. A...Ch. 11 - Prob. 6QYCh. 11 - Prob. 7QYCh. 11 - What is a physical inventory? What does the word...Ch. 11 - Prob. 2DQCh. 11 - Using the perpetual inventory system, what account...
Ch. 11 - Prob. 4DQCh. 11 - Prob. 5DQCh. 11 - Why is it necessary to adjust the Merchandise...Ch. 11 - A merchandising company shows 8,842 in the...Ch. 11 - Prob. 8DQCh. 11 - For the university football programs Unearned...Ch. 11 - On October 31, the Vermillion Igloos Hockey Club...Ch. 11 - Basga Company uses the periodic inventory system....Ch. 11 - Indicate the work sheet columns (Income Statement...Ch. 11 - Journalize the required adjusting entries for the...Ch. 11 - On December 31, the end of the year, the...Ch. 11 - On December 31, Marchant Company took a physical...Ch. 11 - The trial balance of Hadden Company as of December...Ch. 11 - The balances of the ledger accounts of Beldren...Ch. 11 - Prob. 3PACh. 11 - Here are the accounts in the ledger of Mishas...Ch. 11 - A portion of Anderson Publishings work sheet for...Ch. 11 - The trial balance of Jillson Company as of...Ch. 11 - The balances of the ledger accounts of Pelango...Ch. 11 - Prob. 3PBCh. 11 - The accounts and their balances in the ledger of...Ch. 11 - A portion of Johnsons Farm Supply work sheet for...Ch. 11 - BURTS BEES, Durham, North Carolina Burts Bees...Ch. 11 - Prob. 2ACh. 11 - Prob. 3ACh. 11 - Prob. 4ACh. 11 - Prob. 5ACh. 11 - Adjusting Entries Two months (July and August)...
Additional Business Textbook Solutions
Find more solutions based on key concepts
This year, Prewer Inc. received a 160,000 dividend on its investment consisting of 16 percent of the outstandin...
PRINCIPLES OF TAXATION F/BUS.+INVEST.
Place the letter of the appropriate accounting cost in Column 2 in the blank next to each decision category in ...
Fundamentals of Cost Accounting
Discussion Analysis A13-41 Discussion Questions 1. How do managers use the statement of cash flows? 2. Describ...
Managerial Accounting (4th Edition)
The amount that should be recorded by Company R for building under historical cost principle.
Financial Accounting (11th Edition)
BE1-7 Indicate which statement you would examine to find each of the following items: income statement (IS), ba...
Financial Accounting: Tools for Business Decision Making, 8th Edition
E6-14 Using accounting vocabulary
Learning Objective 1, 2
Match the accounting terms with the corresponding d...
Horngren's Accounting (11th Edition)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Listed below are selected transactions of Crane Department Store for the current year ending December 31. On December 5, the store received $490 from the Selig Players as a deposit to be returned after certain furniture to be used in stage production was returned on January 15. 1. 2. During December, cash sales totaled $803,250, which includes the 5% sales tax that must be remitted to the state by the fifteenth day of the following month. On December 10, the store purchased for cash three delivery trucks for $119,200. The trucks were purchased in a state that applies a 5% sales tax. 3. The store determined it will cost $91,600 to restore the area (considered a land improvement) surrounding one of its store parking lots, when the store is closed in 2 years. Crane estimates the fair value of the obligation at December 31 is $82,900. 4. Prepare all the journal entries necessary to record the transactions noted above as they occurred and any adjusting journal entries relative to the…arrow_forwardOn March 1, Smith Company purchased equipment costing $14,792 by signing a 3-year, 6% note requiring monthly payments of $450 starting March 31. The journal entry to record the first payment would include a _______ to Notes Payable of debit; $376. credit; $74. credit; $376. debit; $74.arrow_forwardTicketsales, Incorporated, receives $4, 040, 000 cash in advance ticket sales for a four - date tour of Bon Jovi. Record the advance ticket sales on October 31. Record the revenue earned for the first concert date of November 5, assuming it represents one - fourth of the advance ticket sales. Ticketsales, Incorporated initially records prepaid and unearned items in balance sheet accounts. Journal entry worksheet 12 Record the cash receipt in advance of concerts. Note: Enter debits before credits..arrow_forward
- Oswego Clay Pipe Company provides services of $46,000 to Southeast Water District #45 on April 12 of the current year with terms 1/15, n/60. What would Oswego record on April 23, assuming the customer made the correct payment on that date? A. Cash Sales Revenue Accounts Receivable B. Cash Sales Discounts Accounts Receivable Interest Revenue C. Cash Sales Discounts Accounts Receivable D. Cash Accounts Receivable Sales Revenue Select one: O A. Option A OB. Option B O C. Option C OD. Option D Clear my choice 45,540 460 46,000 460 45,540 460 46,000 46,000 46,000 460 46,000 45,540 460arrow_forwardSeacost Magazine sells subscriptions for $36 for 18 issues. The company collects cash in advance and then mails out the magazines to subscribers each Apply the revenue recognition principle to determine A. when seacost magazine should record revenue for this situation B. the amount fo revenue seacost magazine should record for eight issuesarrow_forwardOn June 1, Davis Inc. issued an $76,100, 12%, 120-day note payable to Garcia Company Assume that the fiscal year of Garcia ends June 30. Using a 360-day year in your calculations, what is the amount of interest revenue recognized by Garcia in the following year? When required, round your answer to the nearest dollar. a.$1,522 b.$9,132 c.$761 d.$2,308arrow_forward
- Publishing completed the following transactions during 2018 Oct 1: Sold a six-month subscription (starting on November 1), collecting cash of $540, plus sales tax of 8%. (Prepare a single compound entry for this transaction.) Date Accounts and Explanation Debit Credit Oct. 1 Nov. 15: Remitted (paid) the sales tax to the state of Tennessee. Date Accounts and Explanation Debit Credit Nov. 15 Dec. 31: Made the necessary adjustment at year-end to record the amount of subscription revenue earned during the year. Date Accounts and Explanation Debit Credit Dec. 31arrow_forwardListed below are selected transactions of Schultz Department Store for the current year ending December 31. 1. On December 5, the store received $500 from the Selig Players as a deposit to be returned after certain furniture to be used in stage production was returned on January 15. 2. During December, cash sales totaled $798,000, which includes the 5% sales tax that must be remitted to the state by the fifteenth day of the following month. 3. On December 10, the store purchased for cash three delivery trucks for $120,000. The trucks were purchased in a state that applies a 5% sales tax. 4. The store determined it will cost $100,000 to restore the area (considered a land improvement) surrounding one of its store parking lots, when the store is closed in 2 years. Schultz estimates the fair value of the obligation at December 31 is $84,000. Instructions Prepare all the journal entries necessary to record the transactions noted above as they occurred and any adjusting journal…arrow_forwardListed below are selected transactions of Schultz Department Store for the current year ending December 31. 1. On December 5, the store received $500 from the Selig Players as a deposit to be returned after certain furniture to be used in stage production was returned on January 15. 2. During December, cash sales totaled $798,000, which includes the 5% sales tax that must be remitted to the state by the fifteenth day of the following month. 3. On December 10, the store purchased for cash three delivery trucks for $120,000. The trucks were purchased in a state that applies a 5% sales tax. 4. The store sold 25 gift cards for $100 per card. At year-end, 20 of the gift cards are redeemed. Schultz expects three of the cards to expire unused. Prepare all the journal entries necessary to record the transactions noted above as they occurred and any adjusting journal entries relative to the transactions that would be required to present fair financial statements at December…arrow_forward
- Vigeland Company completed the following transactions during Year 1. Vigeland’s fiscal year ends on December 31. January 15 Purchased and paid for merchandise. The invoice amount was $15,200; assume a perpetual inventory system. April 1 Borrowed $774,000 from Summit Bank for general use; signed a 10-month, 9% annual interest-bearing note for the money. June 14 Received a $24,000 customer deposit for services to be performed in the future. July 15 Performed $3,450 of the services paid for on June 14. December 12 Received electric bill for $26,160. Vigeland plans to pay the bill in early January. December 31 Determined wages of $15,000 were earned but not yet paid on December 31 (disregard payroll taxes). Required: Prepare journal entries for each of these transactions. Prepare the adjusting entries required on December 31.arrow_forwardHanna Company borrows $80,000 on July 1 from the bank by signing an $80,000, 10% one year note payable. Prepare the journal entry to record the proceeds of the note. Prepare the journal entry to record accrued interest at December 31, assuming adjusting entries are made only at the end of the year.arrow_forwardListed below are selected transactions of Baileys’ Department Store for the current year ending December 31.1. On December 5, the store received $500 from the Jackson Players as a deposit to be returned after certain furniture to be used in stage production was returned on January 15.2. During December, cash sales totaled $798,000, which includes the 5% sales tax that must be remitted to the state by the fifteenth day of the following month.3. On December 10, the store purchased for cash three delivery trucks for $120,000. The trucks were purchased in a state that applies a 5% sales tax.4. The store determined it will cost $100,000 to restore the area (considered a land improvement) surrounding one of its store parking lots, when the store is closed in 2 years. Baileys’ estimates the fair value of the obligation at December 31 is $84,000.5. As a result of uninsured accidents during the year, personal injury suits for $350,000 and $60,000 have been filed against the company. It is the…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
- Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSONIntermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill EducationFinancial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education
![Text book image](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Text book image](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
![Text book image](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
![Text book image](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
![Text book image](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
![Text book image](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education
The accounting cycle; Author: Alanis Business academy;https://www.youtube.com/watch?v=XTspj8CtzPk;License: Standard YouTube License, CC-BY