Question
Entity F sold 1,000 subscriptions (at $120 per subscription) to a 6-concert series in January 2020 . Entity F debited Cash and credited Unearned Revenue.
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Entity F sold 1,000 subscriptions (at $120 per subscription) to a 6-concert series in January 2020 . Entity F debited Cash and credited Unearned Revenue. After the first concert, what entry should Entity F make?
Dr. Unearned revenue 20,000 Cr. Revenue 20,000
Dr. Revenue 100,000 Cr. Unearned revenue 100,000
Dr. Revenue 20,000 Cr. Unearned revenue 20,000
Dr. Unearned revenue 100,000 Cr. Revenue 100,000
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Financial Accounting Tools for business decision making
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
6th Edition
978-1119191674, 047053477X, 111919167X, 978-0470534779
