Required information [The following information applies to the questions displayed below.] A local theater company sells 1,500 season ticket packages at a price of $250 per package. The first show in the 10-show season starts this week. (a) The sale of the season tickets before the first show. (b) The revenue from fulfilling the performance obligation by putting on the first show. 2. Prepare the journal entries related for the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 2 A local theater company sells 1,500 season ticket packages at a price of $250 per package. Record the revenue after the first show. Note: Enter debits before credits. Transaction (b) Record entry General Journal Clear entry Debit Credit View general journal
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
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Required information
[The following information applies to the questions displayed below.]
A local theater company sells 1,500 season ticket packages at a price of $250 per package. The first show in the 10-show
season starts this week.
(a) The sale of the season tickets before the first show.
(b) The revenue from fulfilling the performance obligation by putting on the first show.
2. Prepare the journal entries related for the above transactions. (If no entry is required for a transaction/event, select "No Journal
Entry Required" in the first account field.)
View transaction list
Journal entry worksheet
<
1
A local theater company sells 1,500 season ticket packages at a price of $250
per package. Record the revenue after the first show.
2
Note: Enter debits before credits.
Transaction
(b)
Record entry
General Journal
Clear entry
Debit
Credit
View general journal
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