Pluto,IncSells Tickets in Advance for Its Weekly Productions and Records

question 172

Multiple Choice

Pluto,Inc.sells tickets in advance for its weekly productions and records the proceeds as Unearned Revenue.At the end of each month,the company makes an adjusting entry to account for the tickets used during the month (ticket revenue. ) On March 1,the Unearned Revenue account had a credit balance of $5,000.During March,it sold 600 tickets at $40 each,and 550 tickets were used during the month.What is the balance in Unearned Revenue at the end of March?

• A)credit balance of $7,000
• B)debit balance of $5,000
• C)credit balance of $5,000
• D)debit balance of $7,000

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Definitions:

Natural Rights

Fundamental human rights based on universal natural law, predating and regardless of legal systems or governments, such as life, liberty, and property.

The Social Contract

A theory or model, originating during the Age of Enlightenment, that suggests an implied agreement among individuals to form a society and abide by its rules for mutual benefit.

Methodism

Methodism is a Christian Protestant denomination founded by John Wesley in the 18th century, emphasizing personal faith, social justice, and the universal need for salvation.

Equal in God's Eyes

The phrase "Equal in God's Eyes" suggests the belief that all individuals hold the same value and worth, regardless of their circumstances, in the perspective of a divine being or according to religious principles.