Ticketsales inc receives 4920000 cash in advance ticket, Accounting Basics

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Ticketsales inc receives 4920000 cash in advance ticket

Question: Ticketsales, Inc., receives $4,920,000 cash in advance ticket sales for a four-date tour of Bon Jovi. Record the advance ticket sales on October 31. Record the revenue earned for the first concert date of November 5, assuming it represents one-fourth of the advance ticket sales. Ticketsales, Inc. initially records prepaid and unearned items in balance sheet accounts.

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Accounting Basics: Ticketsales inc receives 4920000 cash in advance ticket

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