On October 31, the Vermillion Igloos Hockey Club received $672,000 in cash in advance for season tickets for eight home games. The transaction was recorded as a debit to Cash and a credit to Unearned Admissions. By December 31, the end of the fiscal year, the team had played three home games and received an additional $390,000 cash admissions income at the gate. a. Journalize the adjusting entry as of December 31. GENERAL JOURNAL PAGE POST. DATE DESCRIPTION DEBIT CREDIT REF. 20-- Adjusting Entries Dec. 31 b. List the title of the account and the related balance that will appear on the income statement. c. List the title of the account and the related balance that will appear on the balance sheet.

On October 31, the Vermillion Igloos Hockey Club received $672,000 in cash in advance for season tickets for eight home games. The transaction was recorded as a debit to Cash and a credit to Unearned Admissions. By December 31, the end of the fiscal year, the team had played three home games and received an additional $390,000 cash admissions income at the gate. a. Journalize the adjusting entry as of December 31. GENERAL JOURNAL PAGE POST. DATE DESCRIPTION DEBIT CREDIT REF. 20-- Adjusting Entries Dec. 31 b. List the title of the account and the related balance that will appear on the income statement. c. List the title of the account and the related balance that will appear on the balance sheet.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter11: Work Sheet And Adjusting Entries

Section: Chapter Questions

Problem 2E: On October 31, the Vermillion Igloos Hockey Club received 800,000 in cash in advance for season...

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