On October 31, the Vermillion Igloos Hockey Club received $800,000 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 $450,000 cash admissions income at the gate. a. Journalize the adjusting entry as of December 31. DATE Feedback GENERAL JOURNAL DESCRIPTION 20-- Adjusting Entries Dec. 31 Unearned Admissions Admissions Income POST. REF. Admissions Income DEBIT 1,250,000 750,000 X c. List the title of the account and the related balance that will PAGE 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. CREDIT b. List the title of the account and the related balance that will appear on the income statement. 750,000 X

On October 31, the Vermillon Igioos Hockey Oub received 5800,000 in cash in advanice for season tickets for eight bome games. The transaction was recorded as a debit. to Cash and a credit to Unearned Admistions. By December 31, the end of the focal year, the team had played three home games and received an additional \$450,000 cash admissions income at the gote. a. Joumalize the adjusting entry as of December 31. roveik wis In order to adjust a revenue account, the amount earned needi to be taken trom the related liabilay to the apprcpriate revenue account by recording an entry in the general journai, b. Uit the vele of the account and the related belance that will appear on the income statement. On October 31, the Vermillon Jgioos Hockey Cub received 5800,000 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 Admiswions. By December 31, the end of the fiscal year, the team had played three home games and received an additional \$450,000 cash admissians income at the gote. a. Joumalice the adjusting entry as of December 31 . rohea viwin In eroer to adjust a revenue account, the amourt eaned needs to be taken trom the related liabilify to the apprseriate revenue account by recording an entry in the qeneral journal. b. Unt the stie of the account and the resated belance that will appear on the income statement