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Semmy [17]
2 years ago
8

Required information [The following information applies to the questions displayed below Kirkland Theater sells season tickets f

or six events at a price of $60. For the 2019 season, 3,370 season tickets were sold b-2. Record the journal entry to show the effect of presenting an event (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)b-2. Record the journal entry to show the effect of presenting an event. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Business
1 answer:
katrin [286]2 years ago
4 0

The journal entry is as follows

Unearned ticket revenue Dr  $33,700

       To Ticket revenue  $33,700

(Being the unearned ticked revenue is recorded)

The computation is shown below:

= Number of seasons sold × Price of six events ÷ number of events held

= 3,370 × $60 ÷ 6

= 3,370 × $10

= $33,700

So we debited the unearned ticket revenue and credited the ticket revenue

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The present value of a prospective sum of money or cash flow stream given a specified return rate is known as its present value (PV). The present value of future cash flows is reduced by the discount rate, and the higher coupon rate, the lower the present value of future cash flows. The key to correctly valuing future cash flows, whether they are earnings or debt obligations, is determining the appropriate discount rate. The concept of present value states that a quantity of funds today is worth greater than the same amount in the long term. In other words, money gained in the long term is not as valuable as money received today.

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