Wendell Dougherty is a well-recognized brand in the entertainment industry with

Question

Wendell Dougherty is a well-recognized brand in the entertainment industry with products ranging from broadcast media to parks and resorts. The following note is from a recent annual report: Revenue Recognition For non-expiring, multi-day tickets to our theme parks, we recognize revenue over a three-year period based on estimated usage patterns which are derived from historical usage patterns. 2. Assume that in the current year, Wendell Dougherty collected $91.7 million in multi-day tickets that will be used in the future. Also in the current year, Wendell Dougherty estimates that $2.82 million worth of multi-day tickets that have been sold in the past will not be used (e.g., they have been lost by customers). Provide the journal entries required to recognize (a) the receipt of the S91.7 million in cash and (b) the $2.82 million that Wendell Dougherty estimates will not be used. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollar not in millions (i.e., 1,000,000 not View transaction list Journal entry worksheet Record the entry for be used 2.82 million that Wendell Dougherty estimates will not Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal

Explanation / Answer

Trans Accounst Title Dr cr 1 Cash 91.7 Unearned Revenue 91.7 2 Unearned Revenue 2.82 Revenue from Tickets 2.82 If any doubt please comment

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