On March 31, 2021, Jerry Seinfeld receives $4,500,000 in advance cash ticket sales for a...
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Accounting
On March 31, 2021, Jerry Seinfeld receives $4,500,000 in advance cash ticket sales for a five-date tour. The comedy show sells out and no additional tickets sales have been recorded. On June 1, 2021, Jerry performs his first show.
Required:
1. Record the advance ticket sales as a lump sum on March 31, 2021.
2. Record the revenue earned for the first show on June 1, 2021. Assume each show brings in the same amount of revenue.
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