Homework Answers
Solution:
On the books of Priced Right:
| Assets | = | Liabilities | + | Stockholder's Equity | |||||
| Cash | + | Prepaid Travel Expenses | = | Unearned sales revenue | + | Sales Revenue | - | Travel Expenses | |
| 1. December Payment | -$74,000 | $74,000 | |||||||
| 2. February Travel | -74000 | 74000 | |||||||
On the books of Eastern Air:
| Assets | = | Liabilities | + | Stockholder's Equity | |||||
| Cash | + | Prepaid Travel Expenses | = | Unearned sales revenue | + | Sales Revenue | - | Travel Expenses | |
| 1. December Payment | $74,000 | $74,000 | |||||||
| 2. February Travel | -$74,000 | $74,000 | |||||||
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