applies to the Destions [below] Kirkland Theater sells season tickets for six events at a price of $378. For the 2022 season, 1,200 season tickets were sold. Exercise 7-14 (Static) Part a- Journal entry a-2. Record the journal entry to show the effect of the sale of the season tickets. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.

applies to the Destions [below] Kirkland Theater sells season tickets for six events at a price of $378. For the 2022 season, 1,200 season tickets were sold. Exercise 7-14 (Static) Part a- Journal entry a-2. Record the journal entry to show the effect of the sale of the season tickets. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Brian Burns uses perpetual inventory system and LIFO All credit sales discounts are recorded using the net method – customers receive a 3 percent discount if they pay within 30 days. Purchase discounts are recorded using the net method All depreciation is straight line. Additional Information for Journal Entries Brian Burns records accruals for utilities expense as an adjusting journal entry at the end of each year. They pay utilities once a year on January 31st for the prior year. NOTE: There is no payment for utilities on January 31st of 2022 because January 1 of 2022 is the first day of operations. January 1 Sold 10,000 shares of common stock for $95 per share. Borrowed $2,000,000 at 8 percent with interest payable semi-annually (on July 1 and January 1). Purchased 1,000 units of inventory at $150 a piece on credit from Biggie Smalls Inc. Terms are 2/10; n/60 Paid $480,000 for 2 years of rent in advance…