Mercury Company Sells Tickets in Advance for Its Weekly Productions

question 159

Multiple Choice

Mercury Company 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,Mercury sold 500 tickets at $40 each,and 450 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

---

Definitions:

American Children

Young individuals residing in or formally belonging to the United States, subject to its cultural, educational, and social systems.

Ethnic Variations

Pertains to differences among groups based on ethnicity, culture, or racial identification.

Spanking Usage

The practice of hitting a child with an open hand as a form of punishment.

African American Families

pertains to the family structures, dynamics, and cultural practices of African Americans, often studied within the context of sociology and cultural studies.