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    This post addresses unearned revenue and related issues.

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    1.) Last year the Martinville Moonfish, a not-so professional minor league football team sold $61,200 worth of season tickets for all seventeen games to willing fans. The $61,200 received for tickets to games that haven't been provided yet would be considered:

    Answer
    1. Pre-season Revenues (included with normal sales revenue)
    2. Unearned Revenues
    3. Outstanding Sales
    4. Contingent Liabilities.

    PLEASE REFER BACK TO THE PREVIOUS QUESTION REGARDING THE MARTINVILLE MOONFISH.

    2.) If the revenues from prepaid ticket sales were recognized evenly over the course of the seventeen game season, what would be the journal entry that would need to be recorded following the first game?
    Item Account DEBIT CREDIT
    Item 1. Cash $61,200
    Accounts Receivable $61,200
    Item 2. Unearned Revenues $3,600
    Ticket Revenues Earned $3,600
    Item 3. Cash $61,200
    Ticket Revenues Earned $61,200
    Item 4. Cash $4,280
    Unearned Revenues $4,280
    Answer
    A. Item 3 is the correct entry.
    B. Item 1. is the correct entry.
    C. Item 2. is the correct entry.
    D. Item 4 is the correct entry.

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    https://brainmass.com/economics/finance/this-post-addresses-unearned-revenue-and-related-issues-467107

    Solution Preview

    2. Unearned Revenues- Until the income is earned by means of providing goods or services, ...

    Solution Summary

    The solution provides the correct answer for the Martinville Moonfish question and includes both parts.

    $2.19