Question

On November 3, the Milwaukee Bucks sold a six game pack of advance tickets for $300 cash. On November 20, the Bucks played the first game of the six game pack (this represented one-sixth of the advance ticket sales). Record the entries for the November 3 and November 20 transactions.

Answer 1

Explanation:

The journal entries are as follows:

On November 3

Cash A/c Dr $300

      To Unearned ticket revenue A/c $300

(Being the unearned ticket revenue is recorded)

On November 20

Unearned ticket revenue A/c Dr $50

          To Ticket revenue A/c $50

(Being the adjusting entry is recorded)

The computation is shown below:

= $300 ÷ 6

= $50

Answer 2

An entry put directly into the journal is referred to as a journal entry. A journal entry follow a set of rules to show which accounts and amounts are affected by each transaction.

The journal entries are as follows:

On November 3 Cash A/c Dr $300

                                  To Unearned ticket revenue A/c $300

(Being the unearned ticket revenue is recorded)

On November 20   Unearned ticket revenue A/c Dr $50

                                                   To Ticket revenue A/c $50

(Being the adjusting entry is recorded) ($300/6)

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