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morpeh [17]
3 years ago
6

Ticketsales, Inc., receives $7,720,000 cash in advance ticket sales for a four-date tour of Bon Jovi. Record the advance ticket

sales on October 31. Record the revenue earned for the first concert date of November 5, assuming it represents one-fourth of the advance ticket sales. Ticketsales, Inc. initially records prepaid and unearned items in balance sheet accounts.
View transaction list Journal entry worksheet Record the concert revenues earned. Note: Enter debits before credits. Debit Credit General Journal Date Nov 05
Business
1 answer:
kvasek [131]3 years ago
5 0

Answer:

When revenue has been received but the service has not been rendered, the revenue will not be recognized and will instead be treated as a liability called unearned revenue.

Date                   Account Title                                          Debit               Credit

Oct. 31                Cash                                                   $7,720,000

                           Unearned Ticket revenue                                      $7,720,000

Date                    Account Title                                         Debit               Credit

Nov. 5                  Unearned Ticket Revenue             $1,930,000

                          Ticket Revenue                                                   $1,930,000

<u>Working </u>

Ticket revenue = 1/4 * 7,720,000

= $1,930,000

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Assume that production will increase to 32,000 jars of salsa during june. by how much will the production cost increase compared
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3 years ago
"Which bond portfolio where all investment is made up front would be MOST negatively affected by a sharp rise in interest rates?
natka813 [3]

Answer:

Explanation:

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tiny-mole [99]

Answer:

Sunk cost

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-Opportunity cost is the cost of not receiving a benefit when you choose an alernative over another one.

-Period cost is a cost that is not associated with the production of goods.

According to this, the answer is that the $14 per unit is a sunk cost because the company has already spent that manufacturing the products and it is not able to recover that money.

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