On March 1, Global Airlines received $3,500 cash from customers who bought tickets. Only half of the

Question:

On March 1, Global Airlines received $3,500 cash from customers who bought tickets. Only half of the tickets were used by the end of March, and the remaining tickets were expected to be used in April. Global prepares adjusting entries monthly.
Required
a. Determine whether the revenue is a deferred or accrued revenue and explain why.
b. Prepare the journal entries that Global would make on March 1 and March 31.