Answer:
November 5
Dr Unearned Ticket Revenue $1,930,000
Cr Ticket Revenue $1,930,000
Explanation:
Preparation of the journal entry to Record the revenue earned for the first concert date of November 5.
Based on the information given if Ticketsales receives the amount of $7,720,000 cash in advance ticket sales for a four-date tour of Bon Jovi which means that assuming it represents one-fourth of the advance ticket sales the revenue earned for the first concert date of November 5 will be :
November 5
Dr Unearned Ticket Revenue $1,930,000
Cr Ticket Revenue $1,930,000
($7,720,000 x 1/4)
(To Record the revenue earned for the first concert date of November 5.)
