Question 5 (of 5) Save &Et; Submn 5. value 20.00 points Ticketsales, Inc receive

Question

Question 5 (of 5) Save &Et; Submn 5. value 20.00 points Ticketsales, Inc receives $5,680,000 cash in advance ticket sales Tor a tour-date tour of Bon Jovi. Record the advance ticket sales on October 31. Record the revenue earned for the first concert date of November 5, assuming it represents one fourth of the advance ticket sales Ticketsales, Inc. initialy records prepaid and uneamed tems in balance sheet accounts View transaction list Journal entry worksheet Record the sales in advance of concerts Note: Enter debits before credits. General Journal Credit Oct.31 Record entry Clear entry View general journal References eBook & Resources

Explanation / Answer

Answer

1.Record the advance ticket sales on October 31 and the revenue earned for the first concert date of November 5

Date Particulars Dr Cr October 31. Cash $5680000 Unearned revenue $5680000 (Being Record the advance ticket sales ) November 5 Unearned revenue (1420000/4) $1420000 Revenue $1420000 (Being Record the revenue earned)

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