Solution-Set up T accounts for Cash and Unearned Ticket

Set up T accounts for Cash and Unearned Ticket Revenue

Reference no: EM132722151

Problem - Set up T accounts for Cash, Unearned Ticket Revenue, and Ticket Revenue. Post the following two transactions to the appropriate accounts, indicating each transaction by letter:

(a) Sold 1,200 season tickets at $400 each, receiving cash of $480,000.

(b) An end-of-period adjustment is needed to recognize that $120,000 in ticket revenue has been earned.

Reference no: EM132722151

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Set up T accounts for Cash and Unearned Ticket Revenue : Set up T accounts for Cash, Unearned Ticket Revenue, and Ticket Revenue - Sold 1,200 season tickets at $400 each, receiving cash of $480,000

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Set up T accounts for Cash and Unearned Ticket Revenue

Reference no: EM132722151

Reference no: EM132722151

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