Unearned revenues-ticket sales Kirkland Theater sells season tickets for stevents at a price of $378. For the 2013 season, 1,200 season tickets were sold.Required:a. Use the horizontal model (or write the journal entry) to show the effect of thesale of the season tickets.b. Use the horizontal model (or write the journal entry) to show the effect ofpresenting an event.Where on the balance sheet would the account balance representing fundsreceived for performances not yet presented be classified?с.

Answered: Image /qna-images/answer/1c3670d1-29aa-4b2b-938b-365a8f3fb559.jpg

Answered: Unearned revenues-ticket sales Kirkland…

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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SLM #9 Directions. Prepare a single-step Income Statement For the year ended Dec. 31, 2019, at space provided below. Malinao Bakey shows the following data: Sales Revenue 100,000.00 Cost of Good Sold 30,000.00 Utilities Expense 500.00 Salaries 20,000.00 Rent Expense 5,000.00 Advertising 1,500.00 Income tax 1,000.00
Schedule of Cash Payments Tadpole Learning Systems Inc. was organized on February 28. Projected selling and administrative expenses for each of the first three months of operations are as follows: March $100,600 April 92,600 May 84,300 Depreciation, insurance, and property taxes represent $21,000 of the estimated monthly expenses. The annual insurance premium was paid on February 28, and property taxes for the year will be paid in November. 60% of the remainder of the expenses are expected to be paid in the month in which they are incurred, with the balance to be paid in the following month. Prepare a schedule indicating cash payments for selling and administrative expenses for March, April, and May. Enter all amounts as positive numbers. TADPOLE LEARNING SYSTEMS INC. Schedule of Cash Payments for Selling and Administrative Expenses For the Three Months Ending May 31 March April May March expenses: Paid in March 100,600 X Paid in April April expenses: Paid in April Sign out V O 11:07
Please read the questions carefully the First question is asking for journal entry.
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