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Prepare initial journal entries

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Question - On January 1, they had to purchase supplies for $35,750 on account. By the end of the month, only $34,460 of supplies were still available.

On January 5, the venue signed all event contracts for the year. The venue is year-round with 25 events days each month. Event bookings for the year totaled $1,260,000.

On January 5, the Coliseum advertised for 20 events in January, 25 events in February, and 15 events in March for a total of $3,000.

The accountant for the concessions company reported that concession revenue for January was $140,000. 10% is due to a third party vendor that provides the concession services. and will be remitted by December 10.

Required - Please prepare initial journal entries.

Reference no: EM132768752

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