Chat with AI
Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
Edition 4ISBN: 978-0078025372Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
Edition 4ISBN: 978-0078025372 Exercise 90
Preparing Journal Entries for Deferral Transactions and Adjustments
For each of the following independent situations, prepare journal entries to record the initial transaction on September 30 and the adjustment required on October 31.
a. Hockey Helpers paid $4,000 cash on September 30, to rent an arena for the months of October and November.
b. Super Stage Shows received $16,000 on September 30, for season tickets that admit patrons to a theatre event that will be held twice (on October 31 and November 30).
c. Risky Ventures paid $3,000 on September 30, for insurance coverage for the months of October, November, and December.
For each of the following independent situations, prepare journal entries to record the initial transaction on September 30 and the adjustment required on October 31.
a. Hockey Helpers paid $4,000 cash on September 30, to rent an arena for the months of October and November.
b. Super Stage Shows received $16,000 on September 30, for season tickets that admit patrons to a theatre event that will be held twice (on October 31 and November 30).
c. Risky Ventures paid $3,000 on September 30, for insurance coverage for the months of October, November, and December.
Explanation
Verified
Verified
a. On September 30, initial journal entr...
Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
Why don’t you like this exercise?
Other Minimum 8 character and maximum 255 character
Character 255
