Prepare WaterWorlds journal entries related to the Summer

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Problem - Upfront Payments - WaterWorld Inc. operates an aquarium and water park in Orlando, Florida. In addition to daily admission tickets, WaterWorld offers two other ticket options. First, it offers an annual pass for $600 that allows unlimited access to the aquarium and theme park for one year from the date of purchase. In addition, it offers a Summer Fun Pass that allows unlimited access to the waterpark for June, July, and August for $450. Both pass options require full payment at the time of purchase. On April 1, 2019, WaterWorld entered into a contract with a customer to purchase an annual pass. On that same date, it entered into another contract with a customer to purchase a Summer Fun Pass.

Required -

1. Prepare WaterWorld's journal entries in 2019 related to the annual pass.

2. Prepare WaterWorld's journal entries related to the Summer Fun Pass.

Reference no: EM132890141

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