Ticketsales, Incorporated, receives $$4,040,000$ 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, Incorporated initially records prepaid and unearned items in balance sheet accounts.

Journal entry worksheet

$12$

Record the cash receipt in advance of concerts.

Note: Enter debits before credits.