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On August 1, 2020, Porter Airlines received $275,000 in advance ticket sales for a future flight. On September 1, 2020, $200,000 worth of tickets were

On August 1, 2020, Porter Airlines received $275,000 in advance ticket sales for a future flight. On September 1, 2020, $200,000 worth of tickets were redeemed by the pre-paid clients.

A. Prepare the journal entry to record the advance ticket sales on August 1, 2020

B. Prepare the journal entry to record the revenue earned on September 1, 2020

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