Question: 1. What is an estimated liability?
2. If $988 is the total of a sale that includes its sales tax of 4%, what is the selling price of the item only?
3. Tickets, Inc., receives $5,500,000 cash in advance ticket sales for a four-date tour of Bruce Springsteen. Record the advance ticket sales on October 31. Record the revenue earned for the first concert date of November 8, assuming it represents one-fourth of the advance ticket sales.