1advance ticket sales totaling 6000000 cash would be, Ask an Expert

Accounting

1.Advance ticket sales totaling $6,000,000 cash would be recognized as follows:
A Debit Cash, credit Revenue Payable.
B Debit Unearned Revenue, credit Sales.
C Debit Sales, credit Unearned Revenue.
D Debit Unearned Revenue, credit Cash.
E Debit Cash, credit Unearned Revenue.

2.Unearned revenue is initially recognized with a:

A Debit to revenue payable.
B Credit to unearned revenue.
C Debit to unearned revenue.
D Debit to revenue.
E Credit to revenue.

3.The contract between the bond issuer and the bondholders, which identifies the rights and obligations of the parties, is called a(n):
A Mortgage
B Debenture
C Bond indenture
D Installment note
E Mortgage contract

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9958932

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