Reference no: EM13221370

A. The buffalo wildcats, a minor league football team, received $3000 from a fan on June 1 for 2013 season tickets. The wildcats play 10 home games. on December, 2013, the end of the fiscal year, the wildcats had played 6 home games. make the original entry to record the sale of this season ticket. than prepare the adjusting entry to record revenue earned at the end of the year.

B. TSC Farm Supply sell log splitters. Each splitter sells for $5000 and TSC sold 20 for cash this quarter. It is estimated that the warranty expense is 3% of gross sales. TSC spent $200 in cash and $300 in parts (Inventory) to repair these log splitters this quarter. Prepare the journal entry to record the estimated warranty expense and the journal entry for the warranty repairs.

C. John Deere purchased inventory on august 1, 2013, costing $40000 paying 4000 cash and signing an 8- month, 7% note payable. prepare the journal entry to record the purchase. The fiscal year ends on December 31, of the note. (you'll have to determine the payment date)

D deKalb seeds had monthly sales of 773,000 in april, 2013, in Indiana. There is a 7% state sales tax. Record the following journal entries
1. Record dekalb's sales entry.
2. Record the entry that deKalb would make when they remit the state sales tax amount to indiana