Mare T.
asked • 05/10/21A Broadway theater sells tickets to plays. Ticket holders paid the theater $87,500 in advance. For each play, it shows the theater earns $2,500.
Write the entry to record the collection of money in advance for the theater tickets
The theater showed 4 plays in June. Write the entry at the end of June to record the revenue.
Yvonne P. answered • 05/26/21
Experienced Accounting Educator
Entry to record collection of ticket fees in advance:
Dr. Cash 87,500
Cr. Unearned Revenues 87,500
Entry to record revenues earned:
Dr. Unearned Revenues 10,000
Cr. Revenues 10,000
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