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November 28, 2014

Homework Help: accounting

Posted by per4mer on Tuesday, September 30, 2008 at 10:13am.

prepare journal entry and adjusting journal entry on these transactions:

end of fiscal year is Nov 30,2004

Transactions:
A theatre rents out their space from time to time to community groups to earn extra revenue. A local rock band pays $400 per month to use the theatre for practice on Monday nights. They sent a cheque for November rent for only $40 in error. The theatre clerk deposited it to the bank on November 4 and credited rent revenue. On December 4 the theatre received a cheque for the $760 covering the balance from November plus December rent.

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