Not yet spalin 3. Orlando Pirates, a professional soccer team in SA prepares financial statements on...

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Question

Not yet spalin 3. Orlando Pirates, a professional soccer team in SA prepares financial statements on monthly basis. The socce

business accounting

Answer 1

Answer #1

	Date	Account Title	Debit	Credit
(i)	April	Prepaid Rent	R1500000
		Cash		R1500000
		(To record rent paid for the period May to Oct)
	May 31	Rent	R250000
		Prepaid Rent		R250000
		(To record rent expense)
(ii)	April	Cash	R6000000
		Deferred Revenue		R6000000
		(To record sales of season tickets)
	May 31	Deferred Revenue	R750000
		Sale of Tickets		R750000
		(To record revenue)

Answer 2

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