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Charleswood Musical Theatre's season begins in November and ends in April, with a different play each month.

Question:

Charleswood Musical Theatre's season begins in November and ends in April, with a different play each month. In October 2017, Charleswood sold 100 season tickets for the 2017-18 season, for $210 each. Charleswood records all season ticket sales as unearned revenue and adjusts its accounts on a monthly basis. The company has a March 31 fiscal year end.

Instructions

(a) Prepare the entry for sale of these as on tickets. Date the entry October 31.

(b) Prepare any required adjusting entries on:

1. November 30, 2017

2. March 31, 2018

3. April 30, 2018

(c) Determine the balance (after any required adjustments) in Unearned Revenueon:

1. November 30, 2017

2. December 31, 2017

3. March 31, 2018

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2017 a Oct 31 Cash 21000 Unearned Revenue 21000 100 210 b 1 Nov 30 Unearned Revenue 3500 ...View the full answer


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Unearned revenue is money received by an individual or company for a service or product that has yet to be provided or delivered. It can be thought of as a \"prepayment\" for goods or services that a person or company is expected to supply to the purchaser at a later date. As a result of this prepayment, the seller has a liability equal to the revenue earned until the good or service is delivered. This liability is noted under current liabilities, as it is expected to be settled within a year.

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