Big Apple Company sells tickets in advance for its weekly productions and records the proceeds as...
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Big Apple Company sells tickets in advance for its weekly productions and records the proceeds as Unearned Revenue. At the end of each month, the company makes an adjusting entry to account for the tickets used during the month (ticket revenue.) On March 1, the Unearned Revenue account had a credit balance of $4000. During March, Big Apple sold 600 tickets at $30 each, and 550 tickets were used during the month. What is the balance in Unearned Revenue at the end of March? debit balance of $5500 debit balance of $4000 credit balance of $5500 credit balance of $4000 Big Apple Company sells tickets in advance for its weekly productions and records the proceeds as Unearned Revenue. At the end of each month, the company makes an adjusting entry to account for the tickets used during the month (ticket revenue.) On March 1, the Unearned Revenue account had a credit balance of $4000. During March, Big Apple sold 600 tickets at $30 each, and 550 tickets were used during the month. What is the balance in Unearned Revenue at the end of March? debit balance of $5500 debit balance of $4000 credit balance of $5500 credit balance of $4000
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Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-1119368458
7th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
Posted Date:
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