Concert Tickets Sold in Advance

The Bard produces an outdoor concert festival that runs from June 28, 2014, through July 1, 2014. Concertgoers pay $80 for a four-day pass to the festival, and all 33,000 tickets are sold out by the May 1, 2014, deadline to buy tickets. Assume that The Bard prepares adjustments at the end of each month.

Required:

1. Identify and analyze the transaction on May 1, 2014, assuming that all 33,000 tickets are sold on this date.

Activity
Accounts
Statement(s) 2. Identify and analyze the adjustment on June 30, 2014. 3. Identify and analyze the adjustment on July 31, 2014.