invoker assignmentst On October 31, the Vermillion Igloos Hockey Club received $

Question

invoker assignmentst On October 31, the Vermillion Igloos Hockey Club received $608,000 in cash in advance for season tickets for eight home games. The recorded as a debit to Cash and a credit to Unearned Admissions. By December 31, the end of the fiscal yea, the team received an additional $353,000 cash admissions income at the gate. a. Journalize the adjusting entry as of December 31 DATE DEBIT 20 Adjusting Entries Dec. 31 Unearned Admissions v Admissions Income v In order to adjust a revenue account, the amount earned needs to be taken from the related Eabiity to the acpropriate revenue account by recording an entry in the general journal b. List the title of the account and the related balance that wil appear on the income statement. Admissions Income v Previous Nex

Explanation / Answer

Solution a:

Solution b:

"Admission Income" account will appear in income statement and balance to appear = $456,000 + $353,000

= $809,000

Solution c:

"Unearned Admissions" account will appear in balance sheet and balance to appear = $608,000 - $456,000

= $152,000

Adjusting Journal Entry Date Particulars Debit Credit 31-Dec Unearned Admissions Dr ($608,000*6/8) $456,000.00        To Admissions Income $456,000.00 (Being admission income recorded)

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