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What is the balance in unearned revenue at the end of march

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Question - Mercury Company sells tickets in advance for its weekly productions and records the proceeds as Unearned Revenue. At the end of each month, the company makes an adjusting entry to account for the tickets used during the month (ticket revenue.) On March 1, the Unearned Revenue account had a credit balance of $5,000. During March, Mercury sold 500 tickets at $40 each, and 450 tickets were used during the month. What is the balance in Unearned Revenue at the end of March?

Credit balance of $7,000

Debit balance of $5,000

Credit balance of $5,000

Debit balance of $7,000

Reference no: EM132565628

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