Question
Last Planet thetre puts on 7 plays each season. Season tickets sell for 200 dollars each and 250 are sold in October for the upcoming
Last Planet thetre puts on 7 plays each season. Season tickets sell for 200 dollars each and 250 are sold in October for the upcoming 2014-2015 season, which begins in November 2014 and ends in May 2015(only one event per month) Last Planet thetre credited unearned revenue for the full amount recieved. The question is prepare the year end adjusting entry. The answer is suppose to be 14285.71 debit to unearned revenue and credit to Admission revenue for the same amount. For some reason I don't understand how my teacher got that answer. Can you please help.
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