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Please answer the following question correctly. Thank you! The Woodson Theater sells season theater tickets for $200 each. Each ticket entitles the customer to attend
Please answer the following question correctly. Thank you!
The Woodson Theater sells season theater tickets for $200 each. Each ticket entitles the customer to attend 5 plays. The first play will be in December. On December 1, 20X1, 400 season tickets were sold for $200 each in cash. During December, the first play out of the five was shown. The remaining plays will be shown next year. Required: Assuming all journal entries and adjusting entries have been made in 20X1, answer the following two questions. What should be the amount of "Ticket Revenue" the theater reports on its income statement for 20X1 ? Answer: $ What should be the "Unearned Ticket Revenue" balance reported on the balance sheet at 12/31/X1 ? Answer: $Step by Step Solution
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