Solved: The theater credited unearned revenue for the full amount, Accounting Basics

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The theater credited unearned revenue for the full amount

The theater has eight plays each season. This year's season started in October 2015 and ends in May 2016 (one play per month). Season tickets sell for $350. On October 1, 490 season tickets were sold for the 2015-2016 season. The theater credited Unearned Revenue for the full amount received on October 1 and uses a Ticket Revenue account to record revenue earned from season tickets

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Accounting Basics: The theater credited unearned revenue for the full amount

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Accounting Basics: The theater credited unearned revenue for the full amount

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