The Woodson Theater sells season theater tickets for $200 each. Each ticket entitles the customer to...
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The Woodson Theater sells season theater tickets for $200 each. Each ticket entitles the customer to attend 5 plays. The first play will be in December. On December 1, 20X1, 400 season tickets were sold for $200 each in cash. During December, the first play out of the five was shown. The remaining plays will be shown next year. Required: Assuming all journal entries and adjusting entries have been made in 20X1, answer the following two questions. Note: Do not use decimals or cents in your response. Question #1: What should be the amount of "Ticket Revenue" the theater reports on its income statement for 20X1? Answer: $ Question #2: What should be the "Unearned Ticket Revenue" balance reported on the balance sheet at 12/31/X1? Answer: $ The Woodson Theater sells season theater tickets for $200 each. Each ticket entitles the customer to attend 5 plays. The first play will be in December. On December 1, 20X1, 400 season tickets were sold for $200 each in cash. During December, the first play out of the five was shown. The remaining plays will be shown next year. Required: Assuming all journal entries and adjusting entries have been made in 20X1, answer the following two questions. Note: Do not use decimals or cents in your response. Question #1: What should be the amount of "Ticket Revenue" the theater reports on its income statement for 20X1? Answer: $ Question #2: What should be the "Unearned Ticket Revenue" balance reported on the balance sheet at 12/31/X1? Answer: $
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Question 1 What should be the amount of Ticket Revenue the theater reports on its income statement f... View the full answer
Related Book For
Managerial Accounting
ISBN: 9780073526706
12th Edition
Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer
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