Response to the following :
1. Horton Enterprises performed services on July 30, billed the customer on August 3, and received payment on September 7. The revenue should be recognized in
A)August
B)September
C)December
D)July
2. Southeastern Louisiana University sold season tickets for the 2006 football season for $160,000. A total of 8 games will be played during September, October and November. In September, two games were played. In October, three games were played. The balance in Unearned Revenue at October 31 is
A)$40,000
B)$100,000
C)$0
D)$60,000
3. Southeastern Louisiana University sold season tickets for the 2006 football season for $160,000. A total of 8 games will be played during September, October and November. Assuming all the games are played, the Unearned Revenue balance that will be reported on the December 31 balance sheet will be
A)$160,000
B)$60,000
C)$0
D)$100,000
Show all the steps or explain of the right answer.