A ski resort received $8,800 cash in advance for ski lift passes, which allow 5 months of skiing (December 1 - April 30). The ski resort recorded the cash receipt with a debit to Cash and a credit to Unearned ticket revenue. As of December 31, 25% of the revenue had been earned. 

Prepare the December 31 adjusting entry.

Answer rating: 100% (QA)

To prepare the December 31 adjusting entry for the ski resort we need to recognize the portion of th... View the full answer