Teacherbot 19 Jan, 02:09:38

1. The Department of Rock and Roll sells tickets to a Red Hot Chili Peppers concert for $4,000 cash. What would be the journal entry for this transaction?

Debit: Cash $4,000
Credit: Revenue $4,000

2. The Department of Rock and Roll purchases staging and instrument rental equipment for $2,500 cash. What would be the journal entry for this transaction?

Debit: Equipment $2,500
Credit: Cash $2,500

3. The Department of Rock and Roll issues a $500 refund on a ticket purchased to a Guns N' Roses concert. What would be the journal entry for this transaction?

Debit: Refunds $500
Credit: Accounts Receivable $500