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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570

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BuyFindarrow_forward

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570
Textbook Problem

For the university football program’s Unearned Season Tickets account, list the debits and credits for each amount posted to the account and briefly describe each transaction.

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To determine

Explain the transaction recorded in unearned season tickets account and list the debits and credits.

Explanation

Unearned revenue: The revenue which is received in advance by the company for the services or goods to be delivered in future is referred to as unearned revenue. Since the revenue is received for the services not yet performed, the revenue is recorded as a liability until the services are performed. After the services are performed, the liability would be reduced and the revenue would be credited.

Rules of Debit and Credit: Debit all increase in assets, expenses and losses account and all decrease in liabilities, revenue and owners’ equity account...

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