A Baseball Team Records Ticket Revenue Received in Advance as Unearned

question 53

Multiple Choice

A baseball team records ticket revenue received in advance as Unearned Revenue. On the team's work sheet, the required adjusting entry is

• A) debit Cash; credit Unearned Revenue.
• B) debit Revenue; credit Unearned Revenue.
• C) debit Unearned Revenue; credit Cash.
• D) debit Unearned Revenue; credit Revenue.
• E) debit Cash; credit Unearned Revenue Income.

Interpreting the effect of various transactions on total assets, liabilities, shareholders' equity, including dividends.

Grasp the principle of double-entry accounting and its impact on the financial statements.

Understand the principles of the double-entry accounting system.

Identify how transactions affect the accounting equation.