ACCounting homework help

Posted on 2013-11-27 12:00:00 in Accounting by KAYLEE

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:



1.

Paid $1,500,000 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.

2.

Collected $4,680,000 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 $234,000 of the season tickets sold in April were used by fans.



Prepare the two adjusting entries required on May 31.



AND 2ND QUESTION



Carnival Corporation is the world's largest cruise line company. Its printing costs for brochures are initially recorded as Prepaid Advertising and are later charged to Advertising Expense when they are mailed. Passenger deposits for upcoming cruises are considered unearned revenue and are recorded as Customer Deposits as cash is received. Deposited amounts are later converted to Cruise Revenue as voyages are completed.



a. Prepare the adjusting entry necessary when brochures costing $18 million are mailed.



b. In its most recent annual report, Carnival Corporation reported Customer Deposits in excess of $2.8 billion. Prepare the adjusting entry necessary in the following year as $90 million of this amount is earned.





Need help filling in entrys.....

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