Asked by
Alejandra Sepulveda
on Oct 15, 2024
Verified
If a company has advance ticket sales totaling $2,000,000 for the upcoming football season,the receipt of cash would be journalized as:
A) Debit Sales,credit Unearned Revenue.
B) Debit Unearned Revenue,credit Sales.
C) Debit Cash,credit Unearned Revenue.
D) Debit Unearned Revenue,credit Cash.
E) Debit Cash,credit Ticket sales payable.
Advance Ticket Sales
Revenue generated from the sale of tickets before the event or service is actually provided.
Unearned Revenue
Money received by a company for goods or services yet to be delivered or performed.
- Develop a comprehensive knowledge of liabilities, covering known, estimated, and contingent types, and understand the recognition standards for each.
Verified Answer
BS
Learning Objectives
- Develop a comprehensive knowledge of liabilities, covering known, estimated, and contingent types, and understand the recognition standards for each.