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During the month of September, the Texas Go-Kart Company had the following business activities: ...

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Accounting

During the month of September, the Texas Go-Kart Company had the following business activities:

  1. On September 1, paid rent on the track facility for six months at a total cost of $12,000.
  2. On September 1, received $60,000 for season tickets for 12-month admission to the race track.
  3. On September 1, booked the race track for a private organization that will use the track one day per month for $2,000 each time, to be paid in the following month. The organization uses the track on September 30.
  4. On September 1, hired a new manager at a monthly salary of $3,000, to be paid the first Monday following the end of the month.

Required:

  1. Prepare the journal entry, if any, required to record each of the initial business activities on September 1.
  2. Prepare the adjusting journal entries, if any, required on September 30.

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