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IN THE TEXT
-L1 refers to
Unearned Ticket Revenue
Revenue received from ticket sales before the event or service has been provided; also considered a liability until earned.
Adjusting Journal Entry
An accounting record posted at the conclusion of a fiscal period with the purpose of assigning revenues and expenses to their correct time frame.
Season Tickets
Tickets sold for a set number of events or performances, typically for concerts, theater performances, or sports events.
Unearned Service Revenue
Income received by a company for services yet to be performed or delivered; it is recognized as a liability until the service is provided.
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