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Ticketsales, Incorporated, receives $6,840,000 cash in advance ticket sales for a four-date tour of Bon...

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Accounting

Ticketsales, Incorporated, receives $6,840,000 cash in advance ticket sales for a four-date tour of Bon Jovi. Record the advance ticket sales on October 31. Record the revenue earned for the first concert date of November 5, assuming it represents one-fourth of the advance ticket sales. Ticketsales, Incorporated initially records prepaid and unearned items in balance sheet accounts.
Journal entry worksheet
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Record the cash receipt in advance of concerts.
Note: Enter debits before credits.
\table[[Date,General Journal,Debit,Credit],[October 31,,,],[,,,],[,,,],[,,,],[,,,]]
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