Big Apple Company sells tickets in advance for its weekly productions and records the proceeds as Unearned Revenue. At the end of each month, the company makes an adjusting entry to account for the tickets used during the month (ticket revenue.) On March 1, the Unearned Revenue account had a credit balance of $4000. During March, Big Apple sold 500 tickets at $20 each, and 450 tickets were used during the month. What is the balance in > Unearned Revenue at the end of March? credit balance of $4000 O debit balance of $4000 credit balance of $5000 O debit balance of $5000
Big Apple Company sells tickets in advance for its weekly productions and records the proceeds as Unearned Revenue. At the end of each month, the company makes an adjusting entry to account for the tickets used during the month (ticket revenue.) On March 1, the Unearned Revenue account had a credit balance of $4000. During March, Big Apple sold 500 tickets at $20 each, and 450 tickets were used during the month. What is the balance in > Unearned Revenue at the end of March? credit balance of $4000 O debit balance of $4000 credit balance of $5000 O debit balance of $5000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Big Apple Company sells tickets in advance for its weekly productions and records the
proceeds as Unearned Revenue. At the end of each month, the company makes an adjusting
entry to account for the tickets used during the month (ticket revenue.) On March 1, the
Unearned Revenue account had a credit balance of $4000. During March, Big Apple sold
500 tickets at $20 each, and 450 tickets were used during the month. What is the balance in
Unearned Revenue at the end of March?
O credit balance of $4000
O debit balance of $4000
credit balance of $5000
O debit balance of $5000
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