Homework Answers
Answer: Credit balance of $4,000
.
Unearned revenue at March 1 = $3,000
Unearned revenue from the sale of 600 tickets during March = 600 x $20 = $12,000
Total unearned revenue (Before making adjusting entry at March 31) = $3,000 + $12,000 = $15,000
.
Revenue earned during March = 550 x $20 = $11,000 -->amount for adjusting entry
.
Unearned revenue at March 31 = Total unearned revenue before making adjusting entry - Revenue earned
= $15,000 - $11,000
= $4,000
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