Required information [The following information applies to the questions displayed below Kirkland Theater sells season tickets for six events at a price of $60. For the 2019 season, 3,370 season tickets were sold b-2. Record the journal entry to show the effect of presenting an event (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) b-2. Record the journal entry to show the effect of presenting an event. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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Business

Damien Copeland

19 August, 13:07

Required information [The following information applies to the questions displayed below Kirkland Theater sells season tickets for six events at a price of $60. For the 2019 season, 3,370 season tickets were sold b-2. Record the journal entry to show the effect of presenting an event (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) b-2. Record the journal entry to show the effect of presenting an event. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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Hayden · Answer 1

The journal entry is as follows

Unearned ticket revenue Dr $33,700

To Ticket revenue $33,700

(Being the unearned ticked revenue is recorded)

The computation is shown below:

= Number of seasons sold * Price of six events : number of events held

= 3,370 * $60 : 6

= 3,370 * $10

= $33,700

So we debited the unearned ticket revenue and credited the ticket revenue