This preview shows pages 1–2. Sign up to view the full content.
This preview has intentionally blurred sections. Sign up to view the full version.View Full Document
Unformatted text preview: Unearned Football Ticket Revenue Football Ticket Revenue (To record football ticket revenues earned) The account Unearned Football Ticket Revenue represents unearned revenue, and the university would report it as a current liability. As the school earns the revenue, it reclassifies the amount from unearned revenue to earned revenue. Unearned revenue is material for some companies: In the airline industry, tickets sold for future flights represent almost 50% of total current liabilities. At United Airlines, unearned ticket revenue recently was the largest current liability, amounting to more than $1 billion. Illustration 10-1 shows specific unearned and earned revenue accounts used in selected types of businesses. Illustration 10-1 Unearned and earned revenue accounts...
View Full Document
This note was uploaded on 11/08/2011 for the course ACCOUNTING ac 201 taught by Professor - during the Spring '11 term at Montgomery.
- Spring '11