A local theater company sells 1,700 season ticket packages at a price of $300 per package. The first show in the 10-show season starts this week. (a) The sale of the season tickets before the first show. (b) The revenue from fulfilling the performance obligation by putting on the first show.   Prepare the journal entries related for the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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A local theater company sells 1,700 season ticket packages at a price of $300 per package. The first show in the 10-show season starts this week.


(a) The sale of the season tickets before the first show.

  1. (b) The revenue from fulfilling the performance obligation by putting on the first show.

 

  1. Prepare the journal entries related for the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

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