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Charleswood Musical Theatres 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 2024, Charleswood sold 100 season tickets for the 2024–25 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 the season tickets. Date the entry October 31. 

b. Prepare any required adjusting entries on: 1. November 30, 2024 2. March 31, 2025 3. April 30, 2025 

c. Determine the balance (after any required adjustments) in Unearned Revenue on: 1. November 30, 2024 2. December 31, 2024 3. March 31, 2025.

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2024 a Oct 31 Cash 21000 Unearned Revenue 21000 100 210 Received cash in advance from customer b 1 N...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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