If a company has advance ticket sales totaling $2,000,000 for the upcoming football season, the receipt of cash would be journalized as: Multiple Choice Debit Sales, credit Unearned Revenue. Debit Unearned Revenue, credit Sales. Debit Cash, credit Unearned Revenue. Debit Unearned Revenue, credit Cash. Debit Cash, credit Ticket sales payable.

If a company has advance ticket sales totaling $2,000,000 for the upcoming football season, the receipt of cash would be journalized as: Multiple Choice Debit Sales, credit Unearned Revenue. Debit Unearned Revenue, credit Sales. Debit Cash, credit Unearned Revenue. Debit Unearned Revenue, credit Cash. Debit Cash, credit Ticket sales payable.

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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Question

If a company has advance ticket sales totaling $2,000,000 for the upcoming football season, the receipt of cash would be journalized as:
Multiple Choice
Debit Sales, credit Unearned Revenue.
Debit Unearned Revenue, credit Sales.
Debit Cash, credit Unearned Revenue.
Debit Unearned Revenue, credit Cash.
Debit Cash, credit Ticket sales payable.

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