MGAB01H3-Accounting-Group-Assignment (1)

MGAB01H3-Accounting-Group-Assignment (1) - Account Name 1...

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Account Name 1 Property, Plant, Equipment Cash Long Term Debt Common Shares Bought Arena and financed it through shares, long-term debt, and cash 2 Cash Accounts Receivable Arena Revenue Pro Shop and Restaurant Revenue Amount of Revenue earned during the year Cash Accounts Receivable Collected money from customers 3 Cash Unearned Revenue Received deposit for arena; starts September 4 No Jounal Entry Required 5 Wages Expense Wages Payable Wage expenses for the year Wages Payable Wages Expense Cash Paid wages to workers 6 Current Portion of long term-debt Cash Paid current portion of the long-term debt 7 Interest Expense Interest Payable Cash Paid interest 8 Inventory Accounts Payable Purchased goods on credit Accounts Payable Cash Amount Suppliers were paid during the year 9 Goods and services Expense Accounts Payable
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Bought goods and services on credit Accounts Payable Cash Paid back creditors 10 Cost of Goods Sold Inventory Cost of food, drinks and products during the year 11 Miscellaneous Expense Cash Miscellaneous Expenses that were paid for on cash 12 Tax Payable Cash Paid taxes that it owed at the end of 2016 Income Tax Expense Cash Income Tax Payable Paid Installments on 2017 income tax; estimate the amount they owe for taxes
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  • Fall '12
  • G.Cleveland
  • Expense, Debit, Generally Accepted Accounting Principles, Arena Revenue

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