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The Houston Mavericks basketball team receives $6,500 for season tickets on August 1. By December 31,...

The Houston Mavericks basketball team receives $6,500 for season tickets on August 1. By December 31, $3,900 of the revenue has been earned. The adjusting entry to be made on December 31 includes a:

A) credit to Unearned Revenue of $3,900.

B) debit to Unearned Revenue of $3,900.

C) debit to Ticket Revenue of $3,900.

D) credit to Prepaid Revenue of $2,600.

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Answer #1
Houston Mavericks :
At the time of august $6500 Received will be credited to uneanred revenue. Irrespective of service performed.
By december 31 $3900 of revenue has been earned.
The adjusting entry to be made on December 31 will be :
A debit to unearned revenue of $3900
Entry will be :
Date General journal Debit Credit
Unearned revenue $3,900.00
To service Revenue $3,900.00
(Being debit to unearned revenue made and a credti given to service revenue A/c)
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