excersiseOn December 31, 20X1, the Notes Receivable account at Eliassen Materials Corporation had a balance of $20,500, which represented a six-month, 12 percent note received from a customer on September 1.During the week ended June 7, 20X1, Breit Media received $49,000 from customers for subscriptions to its magazine Modern Business. On December 31, 20X1, an analysis of the Unearned Subscription Revenue account showed that 60 percent of the subscriptions were earned in 20X1.On October 1, 20X1, Namala Realty Company rented a commercial building to a new tenant and received $53,400 in advance to cover the rent for six months. Upon receipt, the $53,400 was recorded in the Unearned Rent account.On November 1, 20X1, the Mighty Bucks Hockey Club sold season tickets for 40 home games, receiving $6,600,000. Upon receipt, the $6,600,000 was recorded in the Unearned Season Ticket Income account. At December 31, 20X1, the Mighty Bucks Hockey Club had played 5 home games.For each of the above independent situations, indicate the adjusting entry that must be made on the December 31, 20X1, worksheet assuming no previous adjusting entries have been made during the year.

Journal Entry :— It is an act of recording transactions in books of account when transaction…

Answered: On December 31, 20X1, the Notes…

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter9: Receivables

Section: Chapter Questions

Problem 17E: Casebolt Company wrote off the following accounts receivable as uncollectible for the first year of...

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excersise

On December 31, 20X1, the Notes Receivable account at Eliassen Materials Corporation had a balance of $20,500, which represented a six-month, 12 percent note received from a customer on September 1.
During the week ended June 7, 20X1, Breit Media received $49,000 from customers for subscriptions to its magazine Modern Business. On December 31, 20X1, an analysis of the Unearned Subscription Revenue account showed that 60 percent of the subscriptions were earned in 20X1.
On October 1, 20X1, Namala Realty Company rented a commercial building to a new tenant and received $53,400 in advance to cover the rent for six months. Upon receipt, the $53,400 was recorded in the Unearned Rent account.
On November 1, 20X1, the Mighty Bucks Hockey Club sold season tickets for 40 home games, receiving $6,600,000. Upon receipt, the $6,600,000 was recorded in the Unearned Season Ticket Income account. At December 31, 20X1, the Mighty Bucks Hockey Club had played 5 home games.

For each of the above independent situations, indicate the adjusting entry that must be made on the December 31, 20X1, worksheet assuming no previous adjusting entries have been made during the year.

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