ketsales, Incorporated, receives $$5,000,000$ cash in advance ticket sales for a four$-$date tour of Bon Jovi. Record the advance ticket les on October $31.$ Record the revenue earned for the first concert date of November $5,$ assuming it represents one$-$fourth of the vance ticket sales. Ticketsales, Incorporated initially records prepaid and unearned items in balance sheet accounts.

Journal entry worksheet

$1$

$2$

Record the cash receipt in advance of concerts.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$October $31,,,],[,,,],[,,,],[,,,],[,,,]]$