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Unformatted text preview: Problem 8-2 Solution Requirement 1 Septembers season ticket sales Date Account Name Debit Credit 9/30/11 Cash 355,000 Unearned Ticket Revenue 355,000 Record season ticket sales Requirement 2 T Account Analysis for the October 31 adjusting entry T Account Analysis for Asset and Liability Accounts Account Name Unearned Ticket Revenue Debit Credit (1) What is the current balance? 355,000 (3) What adjustment is required to adjust from the current balance to the should be balance? 62,000 (2) What should be the balance? 293,000 Calculation of Unearned Ticket Revenue as of October 31 Package Total Season Ticket Sales x % of Games in the Package to be Played in Nov. + Dec. = Unearned Ticket Revenue #1 $250,000 x 80% = $200,000 #2 $30,000 x 60% = $18,000 #3 $75,000 x 100% = $75,000 Total $293,000 Requirement 3 October 31 Unearned Ticket Revenue adjusting entry Date Account Name Debit Credit 10/31/11 Unearned Ticket Revenue 62,000 Ticket Revenue 62,000 October Unearned Ticket Revenue adj. journal entry Problem 8-2...
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This note was uploaded on 03/07/2012 for the course ACCT 225 taught by Professor Canace during the Spring '08 term at South Carolina.
- Spring '08