Tickets, Inc., receives $5,500,000 cash in advance ticket sales for a four-date tour of Bruce Springsteen. Record

Question:

Tickets, Inc., receives $5,500,000 cash in advance ticket sales for a four-date tour of Bruce Springsteen. Record the advance ticket sales on October 31. Record the revenue earned for the first concert date of November 8, assuming it represents one-fourth of the advance ticket sales.