Carson Company sells sporting tickets in advance of the event for $500,000. The journal entry to record the sale is:
Multiple Choice
Debit Prepaid Sales $500.000, credit Sales Revenue $500.000
Debit Cosh $500.000 credit Accounts Poyobe $500,000 .
Homework Answers
The journal entry to record the advance money received but sales not made is :
cash A/c 500,000
Unearned ticket revenue A/c 500,000
(To record advance received from customer )
Thus the answer is :
Debit cash $ 500,000 , Credit Unearned ticket revenue $ 500,000
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Carson Company sells sporting tickets in advance of the event for $500,000.
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