the jacquers a semi professional baseball team prepare financial statements on a mo 278568

Accounting 201 Name _Fujehat Ara ____ Please circle your section: A B C D E Chapter 4: 16 Point QUIZ Form A Match the statements below with the appropriate terms by entering the letter code in the spaces provided. TERMS: A. Prepaid Expenses B. Unearned Revenues C. Accrued Revenues D. Accrued Expenses STATEMENTS: _B__ 1. A revenue not yet earned; collected in advance. _C__ 2. Office supplies on hand that will be used in the next period. __B__ 3. Subscription revenue collected; not yet earned. __C__ 4. Rent not yet collected; already earned. __D__ 5. An expense incurred; not yet paid or recorded. __C__ 6. A revenue earned; not yet collected or recorded. __A__ 7. An expense not yet incurred; paid in advance. __D__ 8. Interest expense incurred; not yet paid. The Jacquers, a semi professional baseball team, prepare financial statements on a monthly basis. Their season begins in April. In March and April the team engaged in the following transactions: Paid $90,000 to Lawrence City as advance rent for use of Lawrence City Stadium for the six month period April 1 through September 30. Collected $500,000 cash from sales of season tickets for the team’s 20 home games. During the month of April, the Jacquers played four home games. Stadium Rent Expense needs to be recognized in April. Instructions: Prepare the entries required for the transactions above. Trans # Account Description Debit Credit 1 Prepaid Rent 90,000 Cash 90,000 2 Unearned Sales Revenue 500,000 Cash 500,000 3 Sales Revenue 100,000 Unearned Sales Revenue 400,000 4 Rent Expense 18,000 Prepaid Rent 72,000 Prepare adjusting entries for the following transactions. Omit explanations. Unrecorded interest accrued on savings bonds is $410. Property taxes incurred but not paid or recorded amount to $800. Legal service revenues of $4,000 were collected in advance. By year end $900 of service revenue was still unearned. A 6 month insurance…