Account Adjusting Entries Question

Posted on 2014-01-09 15:09:00 in Accounting by INGO

I'm not doing this to get an easy way out of my homework, but I really do not know how to do this question. My family does not know how to do business and I've been asking my friends too much.

This is about adjusting entries..could you explain to me how to do it step by step? Thank you. I don't know how to make a trial balance and financial statement out of this..so could you please show me?



The Scarlet Pages, a semi-professional hockey team, prepare financial statements on a monthly basis. Their season begins in October, but in September the team engaged in the following transactions:

(a) Paid $180,000 to Oklahoma City as advance rent for use of Oklahoma City Arena for the six-month period October 1 through March 31.



(b) Collected $600,000 cash from sales of season tickets for the team's 30 home games. This amount was credited to Unearned Ticket Revenue.



(c) During the month of October, the Scarlet Pages played five home games.

---

Answer Comment

No Answers Posted Yet.