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Prepare two adjusting entries required may 31

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Question

The freemont flyers prepares stattements monthly. the season begins in may but in april the following transactions.

Paid 1500000 to the municipal stadium as advanced rent for 6 months may 1 to oct 31. intitially recorded as pre paid rent

Collected 6000000 cash from season ticket sales to home games. intintially recorded as unearned ticket revenue. during the month of may 750000 of seaon tickets sold in april were used.

Prepare two adjusting entries required may 31.

Reference no: EM132325652

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