Problem 2 Unearned Revenue 10 minutes 8 marks On August 1, 2020,...
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Accounting
Problem 2 Unearned Revenue 10 minutes 8 marks
On August 1, 2020, the Hogwarts Express received $115,000 in advance ticket sales for a future trip on the train. On September 1, 2020, $75,000 worth of train rides were redeemed by the pre-paid clients.
Required:
1. Prepare the journal entry to record the advance ticket sales on August 1, 2020
2. Prepare the journal entry to record the revenue earned on September 1, 2020
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