Unearned revenues-ticket sales
Response to the following problem:
Kirkland Theater sells season tickets for six events at a price of $378. For the 2013 season, 1,200 season tickets were sold.
Required:
a. Use the horizontal model (or write the journal entry) to show the effect of the sale of the season tickets.
b. Use the horizontal model (or write the journal entry) to show the effect of presenting an event.
c. Where on the balance sheet would the account balance representing funds received for performances not yet presented be classified?