On October $31,$ the Vermillion Igloos Hockey Club received $$728,000$ in cash in advance for season tickets for eight home games. The transaction was recorded as a debit to Cash and a credit to Unearned Admissions. By December $31,$ the end of the fiscal year, the team had played three home games and received an additional $$422,000$ cash admissions income at the gate.

a$.$ Journalize the adjusting entry as of December $31.$

$\backslash$table$[[$GENERAL JOURNAL,PAGE$],[$DATE$,$DESCRIPTION,$\backslash$table$[[$POST$.],[$REF$.]],$DEBIT,CREDIT$],[20--,$Adjusting Entries,,,$],[$Dec$.31,$Unearned Admissions $-,,,],[,$Admissions Income $-,,,]]$

Feedback

Check My Work

In order to adjust a revenue account, the amount earned needs to be taken from the related liability to the appropriate revenue account by recording an entry in the general journal.

b$.$ List the title of the account and the related balance that will appear on the income statement.

Admissions Income $$

Feedback

Check My Work

The title of the account will be exactly the same as it is listed on the chart of accounts. Remember, for adjusting entry$-$related accounts, revenue accounts are listed on the Income Statement and asset and liability accounts are listed on the Balance Sheet.

c$.$ List the title of the account and the related balance that will appear on the balance sheet.

Feedback