Carson Company Sells Sporting Tickets in Advance of the Event

question 203

Multiple Choice

Carson Company sells sporting tickets in advance of the event for $500,000.The journal entry to record the sale is:

• A)Debit Prepaid Sales $500,000; credit Sales Revenue $500,000.
• B)Debit Cash $500,000; credit Accounts Payable $500,000.
• C)Debit Cash $500,000,credit Unearned Ticket Revenue $500,000.
• D)Debit Cost of Sales $500,000,credit Inventory $500,000.
• E)No journal entry is required.

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Definitions:

Gray Matter

A component of the central nervous system consisting of neuronal cell bodies, neuropil (dendrites and axons), glial cells, and capillaries, which is critical for processing information in the brain.

Cognitive Functions

The intellectual processes that include thinking, reasoning, problem-solving, perception, and memory.

Indifferent Gonad

The embryonic precursor to the sex glands, which develops into either ovaries or testes depending on genetic and hormonal influences.

Ovaries And Testes

The primary reproductive organs in females and males, responsible for producing eggs and sperm, respectively.