close solutoin list

On October 31, the Vermillion Igloos Hockey Club received $800,000 in cash in advance for season tickets for eight home games. The transaction was recorded as a debit to Cash and a credit to Unearned Admissions. By December 31, the end of the fiscal year, the team had played three home games and received an additional $450,000 cash admissions income at the gate. a. Journalize the adjusting entry as of December 31. b. List the title of the account and the related balance that will appear on the income statement. c. List the title of the account and the related balance that will appear on the balance sheet.

BuyFind

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
Publisher: South-Western College Pub
ISBN: 9781337280570
BuyFind

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
Publisher: South-Western College Pub
ISBN: 9781337280570

Solutions

Chapter
Section
Chapter 11, Problem 2E
Textbook Problem

On October 31, the Vermillion Igloos Hockey Club received $800,000 in cash in advance for season tickets for eight home games. The transaction was recorded as a debit to Cash and a credit to Unearned Admissions. By December 31, the end of the fiscal year, the team had played three home games and received an additional $450,000 cash admissions income at the gate.

  1. a. Journalize the adjusting entry as of December 31.
  2. b. List the title of the account and the related balance that will appear on the income statement.
  3. c. List the title of the account and the related balance that will appear on the balance sheet.

Expert Solution

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

See Solution

*Response times vary by subject and question complexity. Median response time is 34 minutes and may be longer for new subjects.

Chapter 11 Solutions

College Accounting (Book Only): A Career Approach
Show all chapter solutions
Ch. 11 - On a work sheet, where will the amount of the...Ch. 11 - Explain what is meant by unearned revenue. Why it...Ch. 11 - Why is it necessary to adjust the Merchandise...Ch. 11 - A merchandising company shows 8,842 in the...Ch. 11 - Assume that a college receives 84,000 for one...Ch. 11 - For the university football programs Unearned...Ch. 11 - On October 31, the Vermillion Igloos Hockey Club...Ch. 11 - Basga Company uses the periodic inventory system....Ch. 11 - Indicate the work sheet columns (Income Statement...Ch. 11 - Journalize the required adjusting entries for the...Ch. 11 - On December 31, the end of the year, the...Ch. 11 - On December 31, Marchant Company took a physical...Ch. 11 - The trial balance of Hadden Company as of December...Ch. 11 - The balances of the ledger accounts of Beldren...Ch. 11 - A portion of the work sheet of Sadies Flowers for...Ch. 11 - Here are the accounts in the ledger of Mishas...Ch. 11 - A portion of Anderson Publishings work sheet for...Ch. 11 - The trial balance of Jillson Company as of...Ch. 11 - The balances of the ledger accounts of Pelango...Ch. 11 - A portion of the work sheet of Habib Company for...Ch. 11 - The accounts and their balances in the ledger of...Ch. 11 - A portion of Johnsons Farm Supply work sheet for...Ch. 11 - BURTS BEES, Durham, North Carolina Burts Bees...Ch. 11 - You have a friend who is a seamstress specializing...Ch. 11 - On November 1, an exterior painting company...Ch. 11 - The owner of a motorcycle shop allows his two sons...Ch. 11 - What could happen if a business spent the cash it...Ch. 11 - Adjusting Entries Two months (July and August)...

Additional Business Textbook Solutions

Find more solutions based on key concepts
Show solutions
Classify consumer products

MKTG 12:STUDENT ED.-TEXT

NEW PROJECT ANALYSIS You must evaluate a proposal to buy a new milling machine. The base price is 108,000, and ...

Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)

Name and describe four areas of specialization for a public accountant.

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)