Please do not give solution in image format ? And Fast Answering Please And Explain Proper Step by Step. The following ledger accounts are used by the Saratoga Racetrack Company:Accounts Receivable Advertising ExpensePrepaid Advertising Rent ExpensePrepaid Rent Ticket RevenueUnearned Ticket Revenue Sales RevenueInstructionsFor each of the following transactions below:1. prepare the journal entries (if one is required) to record:1. the adjusting entry, if any, required on September 30, the end of the fiscal year.Transactions:(a) On September 1, paid rent on the track facility for three months, $213,000.(b) On September 1, sold season tickets for admission to the racetrack. The racing season is year-round with 25 racingdays each month. Season ticket sales totaled $840,000.(c) On September 1, borrowed $300,000 from First National Bank by issuing a 6% note payable due in three months.(d) On September 5, programs for 20 racing days in September, 25 racing days in October, and 25 racing days inNovember were printed for $3,500.(e) The accountant for the concessions company reported that gross receipts for September were $160,000. Eight percentis due to the track and will be remitted by October 10.

No.Account NameDebitCredita.Prepaid rent213000Cash213000Adjusting Entry:a.Rent expense (213000 /…

Answered: For each of the following transactions…

For each of the following transactions below: 1. prepare the journal entries (if one is required) to record: 1. the adjusting entry, if any, required on September 30, the end of the fiscal year.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter12: Financial Statements, Closing Entries, And Reversing Entries

Section: Chapter Questions

Problem 4PA: The following accounts appear in the ledger of Celso and Company as of June 30, the end of this...

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