The Houston Mavericks basketball team receives $6,500 for season tickets on August 1. By December 31, $3,900 of the revenue has been earned. The adjusting entry to be made on December 31 includes a: O A. credit to Prepaid Revenue of $2,600. OB. debit to Unearned Revenue of $3,900. OC. debit to Ticket Revenue of $3,900. OD. credit to Unearned Revenue of $3,900.

The Houston Mavericks basketball team receives $6,500 for season tickets on August 1. By December 31, $3,900 of the revenue has been earned. The adjusting entry to be made on December 31 includes a: O A. credit to Prepaid Revenue of $2,600. OB. debit to Unearned Revenue of $3,900. OC. debit to Ticket Revenue of $3,900. OD. credit to Unearned Revenue of $3,900.

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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The trial balance of Sports Connection at June 30, 2013, the end of the current fiscal year, is as follows: Adjustment information is as follows: a. Supplies on hand as of June 30, 2013, 450. b. Insurance premiums that expired during the year, 2,420. c. Depreciation on equipment during the year, 1,500. d. Included in the rent expense of 30,000 is 1,200 that is prepaid for July 2013. e. Salaries accrued but not paid at June 30, 2013, 1,440. f. Merchandise inventory on June 30, 2013, 68,864. As the accountant for Sports Connection, you have been asked to prepare adjusting entries and financial statements to complete the accounting cycle for the year. A worksheet called P2WORK has been provided to assist you in this assignment. As you review this worksheet, it should be noted that columns H and I will automatically change when you enter values in columns E and G.
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