College Accounting, Chapters 1-27
Solutions
College Accounting, Chapters 1-27
ADJUSTMENT FOR UNEARNED REVENUES USING T ACCOUNTS Set up T accounts for Cash, Unearned Ticket Revenue, and Ticket Revenue. Post the following two transactions to the appropriate accounts, indicating each transaction by letter:
- (a) Sold 1,200 season tickets at $400 each, receiving cash of $480,000.
- (b) An end-of-period adjustment is needed to recognize that $120,000 in ticket revenue has been earned.
Prepare T-accounts and post the transactions in to appropriate accounts.
T-account:
T-account is the form of the ledger account, where the journal entries are posted to this account. It is referred to as the T-account, because the alignment of the components of the account resembles the capital letter ‘T’...
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