Question

If a company has advance ticket sales totaling 2,000,000 for the uncomping football season. the reciept of cash would be journalized as:_____.

Answer 1

If a company has advance ticket sales totaling 2,000,000 for the uncomping football season. the receipt of cash would be journalized as  Debit Cash, credit Unearned Revenue.

A receipt is documentation that something was purchased and paid for. If you plan to return something you purchased, you usually need it. On business trips, people keep track of their receipts so that their employers can reimburse them for any expenses they incurred. A less common usage of the word receipt is as a verb, as in "The clerk receipted my purchases," which means that the clerk provided written evidence that the things were paid for. Receipts are given out in business-to-business transactions as well as stock market transactions, in addition to the receipts that customers normally obtain from vendors and service providers. Both transactions on the stock market and business-to-business exchanges issue receipts. Furthermore, receipts are required as verification of some expenses for tax purposes.

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