Victory Entertainment prepares monthly financial statements. On 31 July, the accountant madeadjusting entries to record:(a) The portion of prepaid rent for outdoor stage and seating which had expired in July.(b) Amount owed to the musicians which had not been paid in July.(c) Depreciation for the month of July.(d) Earning of ticket revenue for July which had been subscribed in advance. (When patronspurchased the Summer Jazz Series tickets in advance, the accountant credited UnearnedTicket Revenue).Required:Indicate the effect of each of these adjusting entries on the major elements of the company’sfinancial statements – that is, on revenue, expenses, profit, assets, liabilities and equity.Organize your answer in tabular form, using the column headings shown below and the symbols“+” for increase, “-“ for decrease, and “NE” for no effect
Victory Entertainment prepares monthly financial statements. On 31 July, the accountant made<br>adjusting entries to record:<br>(a) The portion of prepaid rent for outdoor stage and seating which had expired in July.<br>(b) Amount owed to the musicians which had not been paid in July.<br>(c) Depreciation for the month of July.<br>(d) Earning of ticket revenue for July which had been subscribed in advance. (When patrons<br>purchased the Summer Jazz Series tickets in advance, the accountant credited Unearned<br>Ticket Revenue).<br>Required:<br>Indicate the effect of each of these adjusting entries on the major elements of the company’s<br>financial statements – that is, on revenue, expenses, profit, assets, liabilities and equity.<br>整理你的答案以表格形式,使用如下所示的列標題及符號<br>“+”為增加,“ - ”號填列,和“NE”為無影響
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