Entity F sold 500 tickets (at $100 each) to its series “New Mexico’s Most Scenic Places” which consists of 4 day trips by motor coach (includes lunch) around the state. Entity F promptly debited Cash and credited Unearned revenue when the tickets were sold. After the first trip, what is the balance in the Unearned revenue account? $37,500. $12,500. $50,000. $25,000.
Entity F sold 500 tickets (at $100 each) to its series “New Mexico’s Most Scenic Places” which consists of 4 day trips by motor coach (includes lunch) around the state. Entity F promptly debited Cash and credited Unearned revenue when the tickets were sold. After the first trip, what is the balance in the Unearned revenue account? $37,500. $12,500. $50,000. $25,000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Entity F sold 500 tickets (at $100 each) to its series “New Mexico’s Most Scenic Places” which consists of 4 day trips by motor coach (includes lunch) around the state. Entity F promptly debited Cash and credited Unearned revenue when the tickets were sold. After the first trip, what is the balance in the Unearned revenue account?
$37,500.
$12,500.
$50,000.
$25,000.
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