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Question

The Comets, a semi-professional baseball team, prepare financial statements on a monthly basis. Their season

begins in April, but in March the team engaged in the following transactions:


(a)   Paid $90,000 to Wichita City as advance rent for use of Wichita City Stadium for the six month period April 1 through September 30.

(b)   Collected $160,000 cash from sales of season tickets for the team's 20 home games. This amount was credited to Unearned Ticket Revenue.


During the month of April, the Comets played four home games and five road games.


Instructions

Prepare the adjusting entries required at April 30 for the transactions above.

 

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