20. An NBA basketball team sells season tickets worth $40 million before the basketball season starts late in the year. Assume this $40 million is debited to Cash and credited to Unearned Ticket Revenue. By the end of the year, 15% of the games have been played. What adjusting journal entry should be made at the end of the year? A) Unearned Ticket Revenue, debit, $6 million; Cash, credit, $6 million B) Ticket Revenue, debit, $6 million; Unearned Ticket Revenue, credit, $6 million C) Unearned Ticket Revenue, debit, $6 million; Ticket Revenue, credit, $6 million D) Ticket Revenue, debit, $6 million; Cash, credit, $6 million E) None of the above 21. What is added to the Owner's Equity Statement: a) A new equipment purchase b) Payments on Account c) Net income d) Dividends 22. A proprietorship has assets of $200,000 and liabilities of $140,000. How much of the company is financed by debt? A) B) C) D) $ 60,000 $140,000 $200,000 $340,000