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Concept explainers
On October 31, the Vermillion Igloos Hockey Club received $800,000 in cash in advance for season tickets for eight home games. The transaction was recorded as a debit to Cash and a credit to Unearned Admissions. By December 31, the end of the fiscal year, the team had played three home games and received an additional $450,000 cash admissions income at the gate.
- a. Journalize the
adjusting entry as of December 31. - b. List the title of the account and the related balance that will appear on the income statement.
- c. List the title of the account and the related balance that will appear on the
balance sheet .
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Chapter 11 Solutions
College Accounting (Book Only): A Career Approach
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- Intermediate Accounting: Reporting And AnalysisAccountingISBN:9781337788281Author:James M. Wahlen, Jefferson P. Jones, Donald PagachPublisher:Cengage Learning
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