Question: Indicate which of the following events would result in recognizing

Indicate which of the following events would result in recognizing revenue for the year in which the described event takes place; indicate the amount and the account. Give the journal entry that would be made in each case. (Take the selling company’s point of view.)
1. Seminole Boosters has received $75,000 in advanced ticket sales for next year’s football games.
2. Comcast Cable collected several accounts that were outstanding from last year. Usually accounts are collected in advance; but in this case, the customer received the cable services last year but didn’t pay until this year.
3. Customers paid $6,500 in advance for services to be rendered next year.


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  • CreatedSeptember 01, 2014
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