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On November 3rd, the Milwaukee Bucks sold a six-game pack of advance tickets for $300 cash....

On November 3rd, the Milwaukee Bucks sold a six-game pack of advance tickets for $300 cash. On November 20, the bucks played the first game of the six-game pack (this represented one-sixth of the advance ticket sales). Record the entries for the November 3 and November 20 transactions.

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Answer #1
Date General Journal Debit Credit
03-Nov Cash $ 300.00
         Unearned revenue $     300.00
(To record receipt of advance from customer)
Nov-20 Unearned revenue $    50.00
          Game ticket revenue $        50.00
(To record revenue earned)

All amount received on 3 nov is unearned revenue as no game has been played yet.

Revenue will be recorded as and when games are played.

On nov 20 one games's revenue is earned so that will be recorded (300/6 x 1)

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