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On October 31, the Vermillion Igloos Hockey Club received $800,000 in cash in advance for season tickets for eight home games. The transaction was recorded as a debit to Cash and a credit to Unearned Admissions. By December 31, the end of the fiscal year, the team had played three home games and received an additional $450,000 cash admissions income at the gate.
a. Journalize the adjusting entry as of December 31.
GENERAL JOURNAL PAGE
DATE DESCRIPTION POST.
REF. DEBIT CREDIT
20-- Adjusting Entries Dec. 31 Unearned Admissions Admissions Income b. List the title of the account and the related balance that will appear on the income statement.
Admissions Income $
c. List the title of the account and the related balance that will appear on the balance sheet.
Unearned Admissions