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 $4,000.During March,it sold 300 tickets at $20 each and 250 tickets were used during the month.What is the balance in Unearned Revenue at the end of March?
A) credit balance of $5,000
B) debit balance of $4,000
C) credit balance of $4,000
D) debit balance of $5,000
Correct Answer:
Verified
Q85: What type of account is Prepaid Rent,and
Q87: Techno Technical Services is working on a
Q88: On January 1,2015,the Accounts Receivable of Linda
Q89: In accounting,depreciation refers to the _.
A)method of
Q90: Classic Artists' Services hired a maintenance man
Q90: Henry Tax Planning Service bought communications equipment
Q96: Saturn Inc.signed a one-year $12,000 note payable
Q98: Accumulated Depreciation is a(n)_ account and carries
Q109: What is the term used for the
Q113: The Accumulated Depreciation account is _.
A)a record
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents