Problem 2 Unearned Revenue 10 minutes 8 marks On August 1, 2020,...
70.2K
Verified Solution
Link Copied!
Question
Accounting
Problem 2 Unearned Revenue 10 minutes 8 marks
On August 1, 2020, the Hogwarts Express received $115,000 in advance ticket sales for a future trip on the train. On September 1, 2020, $75,000 worth of train rides were redeemed by the pre-paid clients.
Required:
1. Prepare the journal entry to record the advance ticket sales on August 1, 2020
2. Prepare the journal entry to record the revenue earned on September 1, 2020
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.