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Q1) Unearned revenues - ticket sales. Kirkland theatre sells seasons tickets for six events at price of $252. For season 2009, 1,200 season tickets were sold.

a) prepare journal entry to illustrate effect of sale of the season tickets.

b) prepare journal entry to illustrate effect of presenting event.

c) Where on the balance sheet would account balance representing funds received for performance not yet presented be classified?

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M920889

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