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We Got Worms Company sells sporting tickets in advance of the event for $500,000. The...

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Accounting

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We Got Worms Company sells sporting tickets in advance of the event for $500,000. The journal entry to record the sale is: Multiple Choice Debit Prepaid Sales $500,000; credit Sales Revenue $500,000 Debit Cash $500,000; credit Accounts Payable $500,000 Debit Cash $500,000, credit Unearned Ticket Revenue $500,000 Debit Cost of Sales $500,000, credit Inventory $500,000 Jax Recording Studio purchased $7,800 in electronic components from Music World. Jax signed a 60-day, 8% promissory note for $7,800. Music World's journal entry to record the collection on the maturity date is: Multiple Choice Debit Cosh $7,800, credit Accounts Receivable $7,800 Debit Accounts Receivable $7.904, credit Notes Receivable $7,800, credit Interest Receivable $104 O Debit Notes Receivable $8,008, credit Cash $7,904; credit Interest Revenue $104 Debit Cash $7,904, credit Notes Receivable 57,800; credit Interest Revenue S104 A 90-day note issued on April 10 matures on: Multiple Choice O July 9. O July 10. July 11. July 12

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