QS 9-3 Unearned revenue LO C2 Ticketsales, Inc., receives $5,680,000 cash in advance ticket sales for a four-date tour of Bon Jovi. Record the advance ticket sales on October 31. Record the revenue earned for the first concert date of November 5, assuming it represents one-fourth of the advance ticket sales. Ticketsales, Inc. initially records prepaid and unearned items in balance sheet accounts.

Journal entry worksheet

• Record the cash receipt in advance of concerts.
• Record the concert revenues earned.