Waterways Theater sells season tickets for six events at a price of $48. For the 2010 season, 3,880 season tickets were sold. rev: 05-10-2011 23.value: 15.00 points You did NOT receive
Waterways Theater sells season tickets for six events at a price of $48. For the 2010 season, 3,880 season tickets were sold.
rev: 05-10-2011
23.value:
15.00 points
You did NOT receive full credit for this question in previous attempt.
Required:
(a)
Prepare the horizontal model to show the effect of the sale of the season tickets. (+ for increase, – for decrease and NE for no effect).
Balance Sheet Income Statement
Assets = Liabilities + Owners’ Equity ← Net income = Revenues – Expenses
rev: 05-10-2011
eBook Linkreferencesprevious attempt
24.value:
15.00 points
You did NOT receive full credit for this question in previous attempt.
(b)
Record the journal entry to show the effect of the sale of the season tickets. (Omit the “$” sign in your response.)
General Journal Debit Credit
rev: 05-10-2011
eBook Linkreferencesprevious attempt
25.value:
15.00 points
You did NOT receive full credit for this question in previous attempt.
(c)
Prepare the horizontal model to show the effect of presenting an event. (+ for increase, – for decrease and NE f..or no effect).
Balance Sheet Income Statement
Assets = Liabilities + Owners’ Equity ← Net income = Revenues – Expenses
rev: 05-10-2011
eBook Linkreferencesprevious attempt
26.value:
15.00 points
You did NOT receive full credit for this question in previous attempt.
(d)
Record the journal entry to show the effect of presenting an event. (Omit the “$” sign in your response.)
General Journal Debit Credit
rev: 05-10-2011
eBook Linkreferencesprevious attempt
27.value:
5.00 points
You did NOT receive full credit for this question in previous attempt.
(c)
Where on the balance sheet would the account balance representing funds received for performances not yet presented be classified?
rev: 05-10-2011
Current asset
Current liability
