WaterWorld Inc. operates an aquarium and water park in Orlando, Florid a. In addition to daily admission
Question:
a. In addition to daily admission tickets, WaterWorld offers two other ticket options. First, it offers an annual pass for $ 600 that allows unlimited access to the aquarium and theme park for one year from the date of purchase. In addition, it offers a Summer Fun Pass that allows unlimited access to the waterpark for June, July, and August for $ 450. Both pass options require full payment at the time of purchase. On April 1, 2017, WaterWorld entered into a contract with a customer to purchase an annual pass. On that same date, it entered into another contract with a customer to purchase a Summer Fun Pass.
Required:
1. Prepare WaterWorld’s journal entries in 2017 related to the annual pass.
2. Prepare WaterWorld’s journal entries related to the Summer Fun Pass.
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Related Book For
Intermediate Accounting Reporting and Analysis
ISBN: 978-1285453828
2nd edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
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