FINANCIAL ACCOUNTING: TOOLS LL W/ ACCES
FINANCIAL ACCOUNTING: TOOLS LL W/ ACCES
9th Edition
ISBN: 9781119493648
Author: Kimmel
Publisher: WILEY
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Chapter 10, Problem 4Q

(a)

To determine

Unearned revenue

It is an advance made by the buyer before receiving the product or service. In upcoming period seller will have a obligation to provide goods or perform the services to the buyer for the payment already received. It is a current liability until the goods are delivered or the service is performed.

To prepare: Journal entry to record when tickets are sold.

(b)

To determine

To Prepare: Journal entry to record after each game.

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