McKinnon Enterprises owns a professional ice hockey team, the Rockford Penguins. The company sells season...
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Accounting
McKinnon Enterprises owns a professional ice hockey team, the Rockford Penguins. The company sells season tickets for its upcoming season and receives $1,056,000 cash. The season starts January 1, with five home games occurring monthly over the next six months. What is the balance in the companys deferred revenue account at the end of April? (Assume the deferred revenue account had a zero balance on January 1.)
A. $352,000
B. $528,000
C. $1,056,000
D. $704,000
E. None of these are correct.
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