The following events pertain to Outdoor Entertainment Incorporated which specializes in hosting outdoor music festivals across the nation: a. Borrowed $105,000 cash from a local bank to assist in funding the next outdoor festival. b. Paid $27,500 cash for supplies related to the festival. c. Received $152,500 cash for ticket sales related to the festival. d. Paid $51,000 in cash for employee salaries. Required: Record each of the following Outdoor Entertainment Incorporated events in T-accounts. Debit Debit Debit Debit Cash Cash Cash Cash Credit Credit Credit Credit Debit Debit Debit Debit Notes Payable Supplies Sales Revenue Credit Salary Expense Credit Credit Credit

The following events pertain to Outdoor Entertainment Incorporated which specializes in hosting outdoor music festivals across the nation: a. Borrowed $105,000 cash from a local bank to assist in funding the next outdoor festival. b. Paid $27,500 cash for supplies related to the festival. c. Received $152,500 cash for ticket sales related to the festival. d. Paid $51,000 in cash for employee salaries. Required: Record each of the following Outdoor Entertainment Incorporated events in T-accounts. Debit Debit Debit Debit Cash Cash Cash Cash Credit Credit Credit Credit Debit Debit Debit Debit Notes Payable Supplies Sales Revenue Credit Salary Expense Credit Credit Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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