Reference no: EM132911568
Questions -
Q1. Thiessen Tutoring Services provides in-home tutoring services to elementary school students. In December 2019, it provided four tutoring sessions to a client, who agreed to pay $400 after every 10 sessions. The company has a December 31 year end. Assume that Thiessen Tutoring Services will provide six more sessions to the client in January 2020, when the client will pay $400. Assume that Thiessen Tutoring Services provided the other six sessions to the client in January and the client paid in full at the end of the month. Thiessen Tutoring Services also borrowed $75,000 from the bank on November 1, 2019, and must repay the loan principal and interest on February 1, 2020. The bank charges an annual interest rate of 6% on the loan.
a) Record any adjusting entries required on December 31, 2019.
b) Record any adjusting entries required in 2020.
Q2. The Toronto Huskies, a semi-professional basketball team, prepares financial statements on a monthly basis. Their season begins in October, but in September the team engaged in the following transactions:
1. Paid $540,000 on September 15, 2020 to MLSE Corp. as advance rent for use of the Varsity Arena for the six-month period October 1, 2020 through March 30, 2021.
2. Collected $432,000 cash on September 20 during a sales blitz for season tickets for the team's 36 home games. This amount was credited to Unearned Revenue.
During the month of October, the Toronto Huskies played eight home games and five road games.
Prepare the journal entries for September and the adjusting entries required at October 31 for the transactions above.
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