Shown below are a trial balance and supplementary information needed for monthly adjustments for the accounts of Hillside Stadium at Sept. 30 which has a August 31st fiscal year-end.
HILLSIDE STADIUM
Trial Balance
September 30, 20__
Cash--------------------------------------------------------------------- $47,000
Prepaid advertising -------------------------------------------------- 3,000
Prepaid rent ----------------------------------------------------------- 60,000
Land--------------------------------------------------------------------- 375,000
Building----------------------------------------------------------------- 378,000
Accumulated depreciation: building--------------------------- $33,600
Notes payable--------------------------------------------------------- 400,000
Accounts payable---------------------------------------------------- 8,500
Unearned revenue from admissions---------------------------- 10,000
Common stock------------------------------------------------------- 376,000
Dividends--------------------------------------------------------------- 10,100
Revenue from admissions----------------------------------------- 87,000
Revenue from concessions----------------------------------------
Salaries expense------------------------------------------------------ 21,250
Advertising expense------------------------------------------------- 12,000
Rent expense----------------------------------------------------------
Light and power expense------------------------------------------ 8,750
915,100 $915,100
Required: Make the appropriate adjustments.
(a) During August, $3,000 was paid for advertisements that were aired in September.
(b) The $60,000 in Prepaid rent was paid on September 1st for rent for the period September 1st through February 28th.
(c) Depreciation expense, building, $1,050.
(d) The note payable bears a 12% interest rate.
(e) Hillside's share of revenue from concessions for September, as reported by concessionaire, $8,000. No entry has yet been made for this revenue. Debit Concessions Revenue Receivable.
(f) At September 30, the salaries earned but unpaid to employees amounted to $4,000.
(g) $5,000 of the unearned revenue from admissions related to ticket sales for events which occurred in September.