FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Adjustment for Unearned Revenues Using T accounts 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 1,400 season tickets at $400 each, receiving cash of $560,000. b. An end-of-period adjustment is needed to recognize that $108,000 in ticket revenue has been earned. Cash Ticket Revenue Unearned Ticket Revenue
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Transcribed Image Text:Adjustment for Unearned Revenues Using T accounts 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 1,400 season tickets at $400 each, receiving cash of $560,000. b. An end-of-period adjustment is needed to recognize that $108,000 in ticket revenue has been earned. Cash Ticket Revenue Unearned Ticket Revenue
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