Lake of Fire Company purchased supplies costing $7,000 and debited Supplies for the full amount. At the end of the accounting period, a physical count of supplies revealed $1,900 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be...

will include a debit to Ticket Revenue and a credit to Unearned Ticket Revenue for $80,000.

is not required. No adjusting entries will be made until the end of the season in November.

will include a debit to Cash and a credit to Ticket Revenue for $60,000.

will include a debit to Unearned Ticket Revenue and a credit to Ticket Revenue for $90,000.