Reference no: EM132479707
Question - The following ledger accounts are used by Crawford Indoor Paintball Park:
Cash, Accounts Receivable, Prepaid Printing, Prepaid Rent, Unearned Revenue, Interest Payable, Interest Expense, Printing Expense, Rent Expense, Admissions Revenue, Concessions Revenue
i. On September 1, paid rent on the indoor park facility for three months, $180,000.
ii. On September 1, sold season tickets for admission to the indoor park. The tickets can be used for a period of one year. Season ticket sales totalled $900,000.
iii. On September 1, borrowed $150,000 from First Canadian Bank by issuing a 5% note payable due in three months, interest due on maturity.
iv. On September 6, schedules for 8 competition days in September, 10 days in October, and 7 competition days in November were printed for $3,000.
v. Concessions are operated by an independent company, who pays Crawford 10% of the gross receipts. The accountant for the concessions company reported that gross receipts for September were $140,000. The amount due to Crawford will be remitted by October 11.
Instructions - For each of the transactions above, prepare the following:
a) Prepare journal entry (if one is required) to record the initial transaction and
b) Prepare the adjusting entry, if any, required on September 30, the end of the fiscal year.
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