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Prepare the journal entry to record the advance ticket sales

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On August 1, 2020, the Hogwarts Express received $195,000 in advance ticket sales for a future trip on the train. On September 1, 2020, $160,000 worth of train rides were redeemed by the pre-paid clients.

Problem 1. Prepare the journal entry to record the advance ticket sales on August 1, 2020

Problem 2. Prepare the journal entry to record the revenue earned on September 1, 2020

Reference no: EM132968727

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