**Transcription for Educational Website:**---**Scenario:**Coronado City College sold season tickets for the 2020 football season for $324,000. A total of 8 games will be played during September, October, and November. In September, three games were played. **Accounting Task:**Determine the adjusting journal entry at September 30.**Options:**- ○ Will include a debit to Unearned Ticket Revenue and a credit to Ticket Revenue for $121,500.- ○ Will include a debit to Cash and a credit to Ticket Revenue for $81,000.- ○ Will include a debit to Ticket Revenue and a credit to Unearned Ticket Revenue for $108,000.- ○ Is not required. No adjusting entries will be made until the end of the season in November.---**Explanation:**- Each option presents a potential journal entry. The correct entry will adjust the accounts to reflect the revenue earned for the games played in September. - Unearned revenue and ticket revenue accounts are adjusted based on the number of games played versus the total for the season.

Accrual system of accounting says that every thing which is accrued has to be provided in books of…

Answered: Coronado City College sold season…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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