What did I do wrong, and what are the correct answers? thank you! Walt Disney is

Question

What did I do wrong, and what are the correct answers?

thank you!

Walt Disney 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 pattems. 2. Assume that in the current year, Disney collected $90 million in multiday tickets that will be used in the future. Also in the current year, Disney estimates that $5 million worth of multiday 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 $90 milion in cash and (b) the $5 million that Disney 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 1.0).) No Date General Journal Debit Credit Dec 31 Savings account 90,000,000 30,000,000 60,000,000 Revenue Deferred revenue Dec 31 Deferred revenue 05,000,000 Revenue 5,000,000 Red toxt incicates no reponcc was cxpectcd in a cell or a formula-based caloulation is incorrect; no points deducted

Explanation / Answer

1 Dec-31 Cash 90000000       Deferred revenue 90000000 2 Dec-31 Deferred revenue 5000000       Revenue 5000000

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